After a long drought, a solar company has made it through the IPO window.
Enphase, after lowering its IPO price price to $6.00 per share (down from the $10.00 to $12.00 per share range set earlier this month) has crossed over from private to public company. The Petaluma, Calif.-based microinverter startup will trade on the Nasdaq with stock symbol ENPH. The microinverter startup raised $54 million in its initial public offering and has a market cap of approximately $325 million. We’ll check in over the course of the day with updates on the price of the stock.
The IPO is cause for at least a bit of optimism in the solar and cleantech industries. Investors, entrepreneurs and competitors will be watching closely.
The maiden offering comes nine months after the IPO was registered with the SEC. Here’s a link to the prospectus.
VC investors in Enphase include Third Point Ventures (with a 19.1 percent pre-IPO stake), Rockport Capital Partners (18.1 percent), Madrone Partners (14.8 percent), Kleiner Perkins Caufield & Byers (7.7 percent), Applied Ventures (6.3 percent) and Bay Partners (5.5 percent). Morgan Stanley and BoA Merrill Lynch are the lead underwriters.
Here are some of the new stats from Enphase’s recently updated S-1 document: