Solar inverter maker Enphase Energy, which made its market debut this morning, rose in morning trading by as much as 29 percent to $7.76, but settled back down to $7.22 by noon ET. The company sold nearly 9 million shares at $6 a piece, raising about $54 million.
We’ll watch how the stock fares throughout the day. It’s the first IPO for a solar company since the fall of 2010 and is also one of the first greentech IPOs this year. Enphase is one of three greentech IPO hopefuls that plan to debut in recent weeks, giving hope to investors and entrepreneurs that the window for greentech IPOs may be opening up.
Pricing at $6 per share on Thursday night was the low end of the $6-$7 price range that it announced only earlier this week, and Enphase initially set its share price at between $10 and $12 per share, aiming to sell 7.3 million shares. Investors RockPort Capital Partners and Bay Partners agreed to purchase 2.5 million shares of common stock in the IPO.
Enphase develops microinverters for solar panels, which are attached to each solar panel to monitor power output and convert the direct current from the solar cells inside the panel to alternating current for feeding the grid. Traditional design of a solar panel calls for pairing a centralized inverter with about a dozen solar panels.