Annapolis Firm Goes Public, Raises $150 Million

An Annapolis company recently held an initial public offering, selling more than 13 million shares of stock and raising more than $150 million. 

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) went public on April 18 and had hoped to see shares sell between $14 and $16. However, it opened the initial public offering at $12.50 per share, and prices have since struggled to reach even that level. 

Hannon Armstrong (also referred to as HASI) is a real estate investment trust that raises money for infrastructure projects for the government and other clients. The company is involved in many projects in the "clean energy" market.

The company said that with the new cash, it will have the ability to close new deals worth as much as $110 million over the next 45 days. 

In an interview with Forbes magazine, Hannon Armstrong CEO Jeff Eckel said the company was hoping to cash in on a national need for new roads, bridges and improved telecommunications systems.

"The US infrastructure is in great need for an upgrade," Eckel told Forbes. "So there is lots of opportunity. Also, we focus on attractive markets like power, energy, water and telecom."

Shares of the company closed Friday at $11.50.