The bad news is that, because the market is still nascent, investing in the IPO means putting money in a company with no revenue on its income statement to date -- and nearly $1 billion in debt.
The Essex, Conn., wind-energy company is filing for a public offering -- under the ticker NEPI -- only four years after it was founded. It's seeking as much as $375 million in proceeds to finance wind-turbine supply agreements and project developments.
Noble began operating its first wind parks in March 2008. So it doesn't have any revenue through its first 46 months in business. (Financials for the first quarter of 2008 aren't yet disclosed.)
But what it does have is $72 million in accumulated losses and massive debt, more than half of which comes due between one and three years from now.
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