Shares of light-emitting diode (LED) lighting manufacturer/marketer Lighting Science Group Corp. (OTC BB: LSCG.OB) are trading up slightly today after falling 12 percent in the five days (down 5.6 percent yesterday) since it announced February 10 that it had filed an initial public offering (IPO) preliminary prospectus for a $150 million public equity financing. The company’s shares will trade on NASDAQ, but pricing or timing for the IPO were not disclosed.
Lighting Science shares are up 24 percent in 2011 and up more than 500 percent over 12 months.
Almost 89 percent of the company is owned by private equity fund manager Pegasus Capital Advisors and its affiliates. Pegasus manages approximately $2 billion in assets through several private equity funds. It main offices are in New York City and in Cos Cob, Connecticut.
In its prospectus, Lighting Science says its sales of more than one million units during the second half of 2010 make it one of the largest worldwide supplier of LED bulbs. The company says it produced the first LED retrofit bulb to be successfully qualified for ENERGY STAR designation and, as of January 25, 2011, it had designed and produced more than three-quarters of the 46 ENERGY STAR-qualified LED retrofit lamps. The company had ENERGY STAR qualification for 35 of its products as of January 25, 2011.
ENERGY STAR is an international standard established by the U.S. Environmental Protection Agency that requires LED lighting products to meet stringent efficiency, quality and lifetime criteria.
Philips Ambient, a unit of global lighting and electronics giant Royal Philips Electronics, is one of Lighting Science’s deep-pocketed LED competitors. Philips Ambient announced Tuesday that its LED replacement for the 60 watt incandescent bulb, which it claimed was the first such bulb to be developed and marketed, had earned the ENERGY STAR qualification -- and was the first 60 watt replacement to do so.
Philips Ambient said the bulb uses only 12.5 watts and lasts 25 times longer than the 60 watt incandescent it was designed to replace.
Photo credit: Lighting Science
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