Fuel cell company shares up 66 percent (Karl Baker)

Shares of Bloom Energy were sold at $15/share in its IPO, bringing in about $270M (18M shares). Now trading on the NYSE under the symbol BE, the stock price was up by some 66% ($24.90 per share) when the News Journal story went to press.

Although no profits were predicted in the IPO prospectus, a Bloom officer (Matt Ross) is quoted that we’re “cash flow positive” and did the IPO for “transparency reasons.” It is now anticipated that the company will have 900 employees in DE at some point, but Ross said “I’m not going to put a timeframe on it.” Despite its commitment to transparency, Bloom continues to oppose an attempt by a co-founder of a now-defunct brokerage firm for private financing to release documents of a $16.7M settlement (in 2014) over his claims that Bloom misled him about its finances.

As of noon today, BE was selling at about $21.65 per share. We will continue to follow the stock with interest to see how it fares in the longer run. See SAFE’s prior comments: A skeptical view of proposed Bloom Energy IPO, 6/18/18.
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