By Colin Kellaher
Fluence Energy Inc., the energy-storage venture of AES Corp. and Siemens AG, on Tuesday said it plans to sell 31 million shares at between $21 and $24 apiece in its initial public offering.
At the $22.50 midpoint of that range, the Arlington, Va., company said it expects net proceeds of about $650.9 million, or roughly $750 million if the underwriters exercise an option to buy an additional 4.65 million shares.
Power-generation and utility company AES and Germany's Siemens launched Fluence as an energy-storage venture in January 2018. The Qatar Investment Authority, Qatar's sovereign wealth fund, late last year agreed to invest $125 million in Fluence at a valuation topping $1 billion, leaving AES and Siemens each with 44% stakes.
AES and Siemens would still hold more than 90% of Fluence's voting power after the IPO, according to a filing with the U.S. Securities and Exchange Commission.
Fluence said it has applied to list its shares on the Nasdaq Global Market under the symbol FLNC.
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(END) Dow Jones Newswires
October 19, 2021 08:06 ET (12:06 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.