FTCI - Green-power equipment firm FTC Solar pops some 17% after IPO prices poorly

Green-power equipment firm FTC Solar (FTCI) opened some 17% higher Wednesday after its IPO priced at a disappointing $13 a share – way below the offering’s expected $18 to $20 range.FTCI began trading shortly before 1 p.m. ET on the Nasdaq and was changing hands at $15.18 in its first few minutes, up 16.8% from the IPO price.FTC Solar sold some 19.8M shares through the initial public offering. The firm also granted underwriters the option to buy an additional roughly 3M extra shares for overallotments.Although the IPO priced poorly, FTC increased the offering’s share size to partly compensate. The company had originally planned to sell 18.4M shares to the public, while granting underwriters the option to buy some 2.8M more for overallotments, but FTC boosted both of those levels.This is a developing story. Check back for updates.

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Green-power equipment firm FTC Solar pops some 17% after IPO prices poorly