UPDATE 1-Wind energy company Pattern blows past IPO price in debut
* At a high of $24.30, company valued at $1.24 bln
* Raises $352 mln from IPO
* Shares jump as much as 10 pct
Sept 27 (Reuters) - Shares of Pattern Energy Group Inc rose 10 percent in their debut, as the recent rally in renewable energy stocks rubbed off on the first-ever public offering of a U.S. wind farm operator.
Pattern's IPO comes almost three years after First Wind Holdings Inc yanked its offering in November 2010 after investors balked at an unprofitable company with aggressive expansion plans. ()
However, Pattern has solid cash flow and has been largely profitable, factors that may have helped the company get a better pricing and drive the stock up on debut.
The company raised $352 million after pricing its offering at $22 per share, just above its expected price range of $19-$21. Pattern sold 16 million shares.
San Francisco, California-based Pattern owns and operates eight wind power projects in the United States, Canada and Chile, with a total power-generation capacity of 1,041 MW.
Pattern's net profit rose to $29.14 million for the first six months of 2013, from $6.44 million a year earlier. Revenue rose 62 percent to $102.54 million. Continued...