Pattern Energy Group Inc. expects to raise $319 million in the first initial public offering of a U.S. wind developer.
Pattern is selling 16 million shares at $22 apiece, the San Francisco-based company said today in a statement.
The proceeds will be used to develop new wind farms to add to Pattern Energy’s 1 gigawatt of wind farms operational in the U.S., Canada and Chile as well as to pay down debt.
BMO Capital Markets Corp., RBC Capital Markets and Morgan Stanley are the joint book-running managers, Bank of America Corp. is the bookrunner. Canadian Imperial Bank of Commerce, Bank of Nova Scotia, Wells Fargo Securities LLC, Canaccord Genuity Ltd. and Raymond James Financial Inc. are co-managers.
An overallotment option has been granted for an additional 2.4 million shares at the same price.
Pattern rose 5.8 percent a share to $23.27 on the Nasdaq Global Market.