November 10, 2021: The initial public offering on the Nasdaq Global Market for Fluence Energy, an energy-storage joint venture between Siemens and international power-plant developer AES Corp, closed over-subscribed on October 28. Market sources said the company had raised $868 million and that after the listing the shares traded up.
The company sold 31 million shares that day after marketing them for $21 to $24 and pricing them at $28.
The offering by the Arlington, Virginia-based company was led by JPMorgan Chase, Morgan Stanley Barclays Capital and BoA Securities. The shares are trading on the Nasdaq Global Market under the symbol FLNC.
Upon completion of Fluence’s offering, AES will have an indirect economic interest in Fluence of approximately 35% (or approximately 34% if the underwriters exercise their option to buy additional class ‘A’ shares).
Fluence will be a so-called “controlled company” within the meaning of the Nasdaq rules, and AES will have approximately 46% of the voting power in Fluence. AES will hold its economic interest through Fluence Energy.