Smith Electric Vehicles scraps IPO, to pursue private financing

Sept 20 Fri Sep 21, 2012 7:18am IST

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Sept 20 (Reuters) - Smith Electric Vehicles Corp, which makes emission-free electric vehicles, said it will withdraw its initial public offering and instead pursue private financing opportunities.

The company had expected to raise about $76 million at the midpoint of its expected price range.

"We were unable to complete a transaction at a valuation or size that would be in the best interests of our company," Chief Executive Bryan Hansel said in a statement.

The Kansas City, Missouri-based company, which filed for the IPO in November last year, counts Coca-Cola, FedEx Corp and DHL among its customers.