initial public offerings (IPOs) trading on American exchanges

Friday, June 24, 2011

Aspen Aerogels files for IPO of up to $115 mln

(Reuters) - Aspen Aerogels Inc filed with U.S. regulators on Friday to raise up to $115 million in an initial public offering.

The company, which makes aerogel insulation products, told the U.S. Securities and Exchange Commission that Goldman Sachs and Morgan Stanley would be underwriting its offering.

Northborough, Massachusetts-based Aspen said it counts ExxonMobil, Petrobras, Shell and Dow Chemical as customers for its insulation products.

The company, which did not disclose the number of share it intends to sell or their expected price, said it would use proceeds of the offering to fund construction of additional manufacturing capacity.

The company more than tripled its revenue between 2006 and 2010, but has not posted a profit in that period. For the quarter ended March 31, 2011, it posted a loss of $64.1 million on revenue of $12.3 million.

Aspen said it intends to apply to list its stock on the New York Stock Exchange under the symbol "ASPN."

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