The Kansas City, Missouri-based company filed for the IPO in November, and is now waiting for SEC approval. It expects to sell 4.45 million shares at between $16 and $18, raising about $76 million.
Smith Electric Vehicles Corp., makers of the Newton and Edison electric commercial vans, is planning an Initial Public Offering (IPO), and expects to sell 4.45 million shares at between $16 and $18, raising about $76 million, according to Reuters. The stock will be listed on NASDAQ under the symbol SMTH. The Kansas City, Missouri-based company filed for the IPO in November, and is now waiting for SEC approval. Smith said that the proceeds will be used to repay debt, and for capital expenditures, working capital and other general corporate purposes.
Industry observers see commercial fleet vehicles as a promising niche for EVs, and companies serving this market are likely to see profits far sooner than companies targeting the more fashion-driven passenger car sector. Smith claims that its flagship model, the Newton, offers fuel costs up to 75% lower than comparable diesel trucks, as well as greatly reduced maintenance expenses. The only obstacle to sales is the higher initial cost, and this could be overcome by finding a way to offer lease arrangements, as Smith competitor Balqon is beginning to do.
Smith’s customers include Coca-Cola, FedEx, Staples and the US Marines. The Newton is the largest plug-in electric truck currently available, and comes in various configurations, from flatbed and refrigerated models to aerial lift trucks. Smith also has a joint venture with Chinese auto parts maker Wanxiang Group to manufacture electric school buses and commercial vehicles in China.