CAPSTONE TURBINE UP 200% IN INITIAL PUBLIC OFFERING.Byline: Jason Z. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. Staff Writer WOODLAND HILLS - Heralding the apparent resurgence of the market for initial public offerings, Capstone Turbine Capstone Turbine Corporation NASDAQ: CPST, incorporated in 1988, is a California based gas turbine manufacturer that specializes in microturbine power and heat cogeneration systems. Capstone has sold and shipped more than 3,000 of these one-moving-part systems worldwide. Corp. gained 200 percent Thursday in its debut on the Nasdaq stock exchange. ``We are clearly seeing that a bottom has been defined,'' said David Menlow, president of IPOFinancial.com. ``As to whether it's a resurgence, it's certainly not a reinstatement of the way things used to be.'' For well-run companies with solid products, the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. market is not as perilous as it has been in the past, Menlow said. Capstone, which makes microturbines that power buildings and vehicles, priced its 9.1 million share initial offering at $16 per share, the top of its proposed range. Shares rose steadily through the day to close at $48 per share. The successful IPO is a boon to lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. Goldman, Sachs & Co., Menlow said. ``Today was Goldman's day to stick their tongue out at the other underwriters,'' he said. ``This is another strong notch in the belt of Goldman, Sachs.'' Capstone Turbine makes microturbines that can be used in hybrid vehicles This is a list of hybrid vehicles in chronological order of production: Early designs
The units run on a number of gaseous gas·e·ous adj. 1. Of, relating to, or existing as a gas. 2. Full of or containing gas; gassy. and liquid fuels and use an air bearing to lubricate lu·bri·cate v. lu·bri·cat·ed, lu·bri·cat·ing, lu·bri·cates v.tr. 1. To apply a lubricant to. 2. To make slippery or smooth. v.intr. To act as a lubricant. the one moving part, the spinning turbine. The air bearing creates a high-pressure pocket of air for the turbine that acts as a bearing but does not require lubricants such as oil or grease. The company's turbines also can be used to generate power for homes and businesses. Its current product generates 30 kilowatts of electricity, enough to power a typical convenience store. A 60-kilowatt system is expected to be commercially available in a few months, the company said. Keith Field, Capstone Turbine spokesman, declined to comment Thursday, citing the customary quiet period imposed by the Securities and Exchange Commission on companies at the time of their initial public offering. The offering raised $145.4 million for Capstone, which said it plans to use the proceeds to buy equipment, expand its sales and marketing and develop its products. The company had a net loss of $29.5 million on revenues of $6.7 million in fiscal 1999. In the first quarter of 2000, the company lost $7.8 million on revenues of $3.74 million. |
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