Enphase IPO Goes Out at Low End of Range (ENPH)
Microinverter maker Enphase Energy Inc. (NASDAQ: ENPH) completed its IPO this morning, issuing 8.97 million shares at an offering price of $6/share. The price is the low end of the pre-IPO range of $6-$7, which the company had lowered from $10-$12 earlier this week (our coverage here).
The number of shares offered rose significantly, though, from an originally planned total of 7.27 million. The additional 1.7 million shares more than makes up for the lower price. The underwriters have a 30-day over-allotment option of 1.35 million shares. All the shares are being offered by Enphase, not by any individual owners.
Shares of Enphase are up about 24% at $7.44.