IdleAire Technologies Corp., which offers truck-stop electrification services to help prevent idling, filed for an initial public offering with the Securities and Exchange Commission Tuesday, Sept. 18. The Knoxville, Tenn.-based company did not disclose the estimated number or price range of the shares to be offered, but indicated the offering price could total up to $100 million.
IdleAire delivers its services through its proprietary ATE Advanced Travel Center Electrification system, which is comprised of an in-cab service module connected to an external HVAC unit mounted on a truss structure above parking spaces. The company says it has long-term lease and installation agreements with travel center owners and operators for the right to install its ATE systems in about 73,600 parking spaces at more than 600 locations; as of Aug. 31, its ATE systems were installed in 8,246 parking spaces at 127 locations across 33 states.
In the six months ended June 30, IdleAire widened its losses to $44.4 million, from $25.8 million in the prior year-period. During the same period, the company increased its total net revenue to $14.9 million from $4.2 million. The company plans to use its net proceeds from the IPO to repay a portion of its senior discount notes, to fund expansion of its ATE network expansion, and for working capital and other general corporate purposes.
IdleAire says the total offering price was estimated solely to calculate its registration fee for the IPO, which is being underwritten by JP Morgan Securities and Jefferies & Co. The company, which plans to list its shares on the Nasdaq Stock Market, did not announce a proposed stock symbol.