SunPower IPO Jumps 41 Percent

In a stock debut reminiscent of those dotcom days of old, SunPower, a solar power cell and module manufacturer in Sunnyvale, California, had a 41 percent jump from its opening share price of $18 to $25.45 a share at the market close yesterday.

SunPower, spun-off by its parent Cypress Semiconductor in San Jose that stills owns 87 percent of the company, issued 7.7 million shares, raising $138.6 million from the offering. According to the San Jose Mercury News, in the nine months ended Sept. 30, SunPower generated revenue of $49.4 million and lost $15 million. For the same period a year earlier, the company reported revenue of $4 million and a loss of $5.6 million. To date, the company has posted cumulative losses of about $57.9 million. SunPower (Nasdaq stock symbol – SPWR) markets its cells and modules at the high end by touting more than 20 percent efficiency, plus pleasing aesthetics with an all-black style to appeal to residential markets.
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