Pattern Energy rises after IPO raises $319M

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Associated Press

Posted on September 27, 2013 at 9:02 AM

Updated Friday, Sep 27 at 10:02 AM

NEW YORK (AP) — Shares of Pattern Energy are on the rise after the wind power company raised more than $300 million in its initial public offering.

The 16 million shares priced $22 per share Friday, which is above expectations. The company expects $318.6 million in proceeds after expenses and underwriting discounts.

Shares of Pattern Energy Group Inc. rose $1.15, or 5.2 percent, to $23.15. The shares are trading on the Nasdaq Global Market under the ticker symbol "PEGI."

The underwriters of the IPO will have an option to buy another 2.4 million shares.

Pattern Energy is based in San Francisco and has eight projects in U.S., Canada and Chile.

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