TPI Composites $74.5 Million IPO
July 27, 2016
Cleary Gottlieb advised TPI Composites in its $750 Million initial public offering.
The deal priced on July 21 and closed on July 27. The offering price was $11 per share. The 7,187,500 shares of common stock offered included 937,500 shares pursuant to exercise of the underwriters’ over-allotment option. Certain existing stockholders, executive officers and directors purchased 1,250,000 shares in the offering. The common stock is listed on NASDAQ under the ticker symbol TPIC. Total proceeds from the offering were $74,490,625 after deducting underwriting discounts and commissions. The company is an “emerging growth company” as defined in the Jumpstart Our Business Startups (JOBS) Act of 2012.
TPI is the largest U.S.-based independent manufacturer of composite wind blades for the high-growth wind energy market supporting global wind turbine manufacturers. The company is headquartered in Scottsdale, Arizona and operates composite products manufacturing facilities in North America, Europe and Asia. TPI has over five decades of innovation and expertise in manufacturing large-scale composite structures of highest quality at a competitive total delivered cost to our customers.