Midnight Trader IPO Report: Capstone Turbine (NASDAQ:CPST)

Capstone Turbine Corp. (CPST) is falling fast in morning trade Friday, after announcing an IPO of $40 million.

The company is offering 38 million shares of its common stock priced at $1.05 per share, and net proceeds from sales is estimated to be $36.8 million.

Capstone shares opened at $1.12 and have traded between 39 cents and $1.57 over the past 12 months.

The Los Angeles-based Capstone produces low-emission microturbine systems has also granted the underwriter a 30-day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering to cover over-allotments, if any, which would result in additional gross proceeds of about $6 million.

The offer will close by Feb. 24, and Lazard Capital Markets LLC will act as the sole book-running manager for the offering.

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