Alternative Energy - Friday, April 27, 2007
Ocean Power Technologies' IPO Sinks
Ocean Power Technologies' issued 5M shares at $20 a share in a US IPO and the shares have steadily declined since. The stock is now selling at around $16. The $20 share price was also at the low end of the range as the company said it planned to price its shares at $20 to $22.
The company looked weak when we first came across it. It has been in business too long to have such week revenues ($2M in revs on a loss. The IPO seemed to be a result of needing the cash, which is not a good strategy in this market.
Ocean Power's chief product is a PowerBuoy which bobs along the waves converting motion to electrical energy. Sounds cool but they should have real revenues by now. It doesn't matter if the alt energy market is hot, the Street wants to see the money.
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