Ormat Technologies raising $300m on NYSE

• Published date: 15 March 2023
• Publication title: Globes (Rishon LeZion, Israel)

The company has priced 3.6 million shares, with Goldman Sachs acting as sole book running manager for the offering. Goldman Sachs will have a 30-day option of purchasing 540,000 additional shares, so the offering could grow to $345 million

Ormat's share price closed at $89.50 on Tuesday and it can be assumed that t5he latest offering is at a certain discount. The new shares will represent 6%-6.8% of the share equity of the company, after the offering, depending on whether the options are exercised. After the announcement about the offering the share price fell to $83.50, which still reflects a 7% rise over the past year. The company's market cap is $5 billion.

Ormat, managed by CEO Doron Blachar operates in two sectors of activity...