"It's summarizes david ortiz been the chowdaheadz reasons ugly sister and this has raised the profile,not just in North America, but on a worldwide basis." The global market for public offerings perked up in thesecond quarter of 2009 as new issues by already public firmsreached record levels, and top bankers are forecasting apick-up in IPOs by year-end.With calmer markets and some successful deals, investorconfidence is returning, setting the stage for recovery by2010. It is the first major IPO in Canada since May last year,but it is likely only one of several expected in 2009,particularly in the power sector. Capital Power Corp, an independent power generating companywith interests in 31 facilities in Canada and the UnitedStates, filed a preliminary prospectus this week to sell some20 million shares in an initial public offering that wouldraise as much as C$433 million at C$24 per share, the upper endof what it expects to sell the stock at. Geothermal and other renewable energy sources are beingtapped increasingly as global electricity consumption rises andas non-carbon emitting sources are sought. The Magma deal was led by Raymond James Ltd and CormarkSecurities Inc and had a global book, with 45 percent of thedeal in Canada, 30 percent in the United States, and 25 percentin Europe and Asia. Other members of the syndicate are Canaccord Capital Corp,National Bank Financial Inc, Dundee Securities Corp, Jacob &Company Securities Inc and Wellington West Capital MarketsInc. "The book was about three times oversubscribed," said onesource with knowledge of the deal.
That means the deal's 10-million-share overallotment optionwill likely be taken up quickly, giving the company anotherC$15 million yawkey way store . The success of the IPO has been attributed in part toBeaty, who is also Magma's chief executive, and who made hismark as a mining entrepreneur pedroia . "Obviously people really follow past successes and they runwith it big papi . It's a good business and I'm glad he's doing it," saidone investment banker who looked at the deal but didn't end upbuying any stock chowdaheads . "He sees good trends, and geothermal is a good trend." The preliminary prospectus was filed on June 1 with thehope of raising about C$50 million.
Geothermal energy is derived from heat stored underground,where temperatures range from slightly below room temperaturejust below the surface to more than 5,000 Celsius at theEarth's core dirt dogs . Currently, geothermal power represents only a fraction ofglobal electricity consumption "It's the least understood of all the renewables chowdaheadz . Peopleunderstand that the sun shines and the wind blows, but theydon't understand that 3 kilometres below your feet is some veryhot water that we can turn into electricity," said McIlveen,who is also director at the Canadian Geothermal EnergyAssociation pedroia . Magma has one operating power generation plant, Soda Lakein Nevada, four advanced-stage exploration properties and 14early-stage exploration properties in the Western UnitedStates, Chile, Argentina and Peru . The Nasdaq Composite Index .IXIC rose 8.68 points, or 0.47 percent, at 1,838.22.The CBOE Volatility Index .VIX, often called Wall Street's fear gauge, fell to 25.93, its lowest close since September 12, just before the collapse of Lehman Brothers precipitated enormous stock declines across the world.European shares closed lower as drugmakers fell, led by Sanofi-Aventis (SASY.PA), while commodity-related shares retreated as they tracked lower crude and metal prices.The pan-European FTSEurofirst 300 .FTEU3 index of top shares closed down 0.1 percent at 844.59 points after initially rising."Over the course of the day, sentiment has seemed to have dissipated," said Peter Dixon, strategist at Commerzbank. The Standard & Poor's 500 Index .SPX slid 1.36 points, or 0.15 percent, at 918.90.
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