Smith Electric to go for IPO

SMITH Electric Vehicles yesterday filed for a $125m (£78.4m) initial public offering of its common stock.

The company makes electrically powered commercial vehicles, used as delivery trucks in several industries.

In its filing with the Securities and Exchange Commission, Smith did not say how many shares it would sell, how much it would sell them for or when it planned to go public.

The company said it will use the funds raised to pay down debt and other general purposes and is planning to list on the Nasdaq.