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August 20, 2007

First Solar, Inc. Is a Venture Capitalist Investors Wet Dream

posted by MR WAVETHEORY at 8/20/2007 01:01:00 PM
I have to make a note of this. It's amazing what First Solar, Inc. (Nasdaq FSLR) has been doing. It traded down to $74.77 last Thursday when the market bottomed and today, it's up at $94 for a gain of 20 points. I did some digging and uncovered some interesting information.

First Solar did a secondary offering on August 10 at a price of $95. That could explain why the stock is back at $95. The company sold 4 million shares of stock and shareholders sold 2.5 million shares. The stock went public November 17, 2006 so it's past the 6 month lock up typical of IPOs.

I would expect some volatility ahead since the stock is now post lockup and trading at a price that's stratospheric and priced for insiders to sell.

The S-1 / IPO prospectus has some very interesting facts. The Walton family (founding family of Walmart) owned 92% of the company prior to the IPO.

Currently, JWMA Partners, LLC, or JWMA, is the beneficial owner of 51,827,318 shares of our common stock, representing 92.32% of our shares of common stock prior to this offering. The Estate of John T. Walton, JCL Holdings, LLC and Michael J. Ahearn are the significant members of JWMA.

After the IPO, they still owned 58% of the company! Let's put that into perspective. That's 58% of a $6.8 billion company. That's $3.9 billion on paper. That kind of return is a venture capitalist investor's wet dream!

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