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News > Deals
Evergreen Solar debut hot
November 2, 2000: 5:07 p.m. ET

Solar energy firm jumps 36 percent, oil exploration company falls
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NEW YORK (CNNfn) - Alternative energy again beat out traditional energy in the initial public offering market Thursday as solar panel maker Evergreen Solar Inc. enjoyed a sunny reception and oil exploration firm Energy Partners Ltd. sunk below its offer price.

Evergreen Solar (ESLR: Research, Estimates) rose $5, about 36 percent, to $19. The company raised a modest $42 million, pricing in the middle of its expected range Wednesday night.

graphicWaltham, Mass.-based Evergreen is considered by analysts to be a good gauge of the momentum of alternative energy plays, which have done well on the IPO market.

Bank of Americas Securities LLC is the lead underwriter.

Energy Partners Ltd. (EPL: Research, Estimates) dropped 50 cents to $14.50 after pricing below its expected range.

The New Orleans-based oil-and-gas exploration company raised $86.25 million, about $39 million less than anticipated, through lead underwriters Merrill Lynch.

Supply-chain management company UTI Worldwide Inc. did well, rising $2.44, or 17 percent, to $17.44. UTI (UTIW: Research, Estimates) raised $70.5 million earlier in the day, pricing $4.7 million shares at $15, the bottom of its range.

Bear Stearns acted as lead underwriter for the Virgin Islands-based company. graphic

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