John Woolard, Alstom-backed Brightsource's chief executive, says: "The continued market and economic volatility are not optimal conditions for an IPO."
BrightSource Energy, a US-based solar thermal company backed by France-based power equipment company Alstom and US-based power producer Caithness Development, has shelved its flotation on Nasdaq today, citing "market conditions". The company planned to raise between $144.9m and $158.7m, it had said on March 30.
The move comes after Alstom and Caithness Development had agreed to purchase in private placements $65m and $10m, respectively in March, at a price per share equal to the initial public offering price. The company…
