Solar inverter maker Enphase Energy ended a solar IPO drought by making its public market debut Friday, but did the company’s venture investor make a killing on the exit?
Not really, at least at the current per share price. Below is a list of major investors who financed the company prior to the IPO and what the value of their shares are after the IPO at the $6 offering price (based on the prospectus filed Friday). These shareholders are subject to a lock-up period of 180 days after the IPO so that they don’t flood the market with their shares and dilute the stock’s value so soon after the IPO.
| Investor | Shares after IPO | % of common stock | Value at $6 per share |
|---|---|---|---|
| Third Point | 6.4M | 16% | $38.4M |
| RockPort Capital | 4.8M | 12.1% | $28.8M |
| Madrone Partners | 5.1M | 12.9% | $30.6M |
| Kleiner Perkins | 4.8M | 11.7% | $28.8M |
| Applied Ventures | 1.8M | 4.6% | $10.8M |
| Bay Partners | 1.8M | 4.6% | $10.8M |
But Enphase Energy has raised more than $100 million in equity and debt from private investors. The company said in a filing last year that it had sold $92.2 million share of convertible preferred stock as of March 31, 2011. Based on a midday trading price, Enphase had a market cap of around $270 million.

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