Enphase Energy, now a world leader in microinverter technology for the solar industry, announced pricing yesterday for its initial public offering (IPO) of 8,969,697 shares of common stock. The price was set at $6.00 per share.
“All of the shares of common stock in the offering are being offered directly by Enphase. In addition, Enphase has granted the underwriters a 30-day option to purchase up to an additional 1,345,454 shares of common stock, solely to cover over-allotments, if any,” the company noted in a news release.
“Morgan Stanley & Co. LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. are acting as joint book-running managers for the offering. Jefferies & Company, Inc. is acting as joint lead manager, and Lazard Capital Markets LLC and ThinkEquity LLC are acting as co-managers. The shares are expected to begin trading on the NASDAQ Global Market on March 30, 2012 under the ticker symbol ‘ENPH.'”
Still not clear on what Enphase’s microinverter technology does? As Enphase writes, it “increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. Our semiconductor-based microinverter system converts energy at the individual solar module level and brings a systems-based, high technology approach to solar energy generation.”
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