July 25, 2018 / 4:33 PM / 5 months ago

BUZZ-Bloom Energy Corp: Bloomin' debut

** Bloom Energy soars ~40 pct after fuel cell power co’s long-awaited debut

** Stock opens 25 pct above $15 IPO price, surges to as high as $20.87, and is second best performer in U.S. markets on Weds

** Bloom Energy offers 18 mln shares for IPO size of $270 mln

** Deal prices at top end of $13-$15 range, valuing co at about $1.6 bln

** Existing shareholders and directors indicated to buy $50 mln of IPO shares; another 1.6 mln shares ($24 mln) were set aside in directed share program to be allocated to executives and employees

** Among biggest Bloom shareholders: Canada Pension Plan (20 pct), Kleiner Perkins (16 Pct), Kuwait Investment Authority (11 pct), New Enterprise Associates (9 pct), Alberta Investment Management (7 pct)

** In Q1, co posted operating profit of $5.7 mln on revenue of $121.3 mln vs $41.1 mln loss on $27.7 mln revenue in yr-ago qtr. Delivered 166 of its 100-kilowatt fuel stacks in recent qtr compared to 119 a year ago

** JP Morgan and Morgan Stanley led a 10-firm underwriting group

** Back in 2010, the buzz around Bloom's technology was seen as unlikely to raise the fuel cell sector's profile. reut.rs/2mH4QnC

** On Weds, FuelCell Energy and Plug Power both up ~2 pct

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