Orion Energy Files to Raise Up to $100M in IPO
Orion Energy Systems, a Plymouth, Wis.-based maker of energy-efficient lighting systems for the large commercial and industrial market, has filed for an IPO, which could raise up to $100 million according to a regulatory filing Monday with the Securities and Exchange Commission.
Orion has raised VC funding from Expansion Capital Partners, Capvest Venture Fund, and Custer Capital, including an Expansion-led $4.5 million Series C round in 2006. The company is planning to use the proceeds from its IPO for increased sales and marketing costs, as well as for potential future acquisitions.
With $50 million in revenue for the fiscal year ended March 31, Orion’s client list includes 76 Fortune 500 companies, among them Toyota (TM), Kraft (KFT), PepsiCo (PEP) and Sysco Foods (SYY).
