Comverge, Inc. (COMV-NASDAQ priced its IPO of 5.3 million shares at $18.00 per share.  The company used Citigroup as the lead underwriter; and co-managers include Cowen & Co., RBC Capital, and Pacific Growth.

Comverge has all the earmarks that the current investment and social climate like to hear: it is a provider of clean energy solutions that enhance grid reliability and enable utilities to increase available electric capacity during periods of peak energy demand on a more cost-effective basis than conventional alternatives.

Due to its segment, this was a premium pricing.  The original range was $15.00 to $17.00 for only 4.7 million shares.  This represents a 33% stake in the company if the 795,000 share overallotment is exercised, so there is an implied market capitalization rate of roughly $329 million based on the IPO pricing before factoring in any premium opening price.

Jon C. Ogg
April 13, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.