Enphase has lowered its IPO price range to between $6.00 and $7.00 — down from the $10.00 to $12.00 per share range set earlier this month.
Enphase is the Petaluma, Calif.-based microinverter startup that has been long been viewed at as an obvious candidate for IPO.
The current pricing comes nine months after the IPO was registered with the SEC. The offer now looks to raise approximately $50 to $58 million. The IPO could happen as soon as tomorrow, March 29.
Timing an IPO is a delicate art, and the underwriters and VC investors behind the offering might have a sense that the market is ready for this event. That, or the company is in need of capital from public rather than private markets. VC investors in Enphase include Rockport Capital, Kleiner Perkins, Applied Ventures, Madrone Capital, and Third Point Management.