Energy software company Opower priced its IPO at the high end of its projected range at $19 per share on Thursday night. It plans to start trading on the New York Stock Exchange on Friday morning. Opower’s price range was announced at $17 to $19 per share last week. At $19 per share, Opower’s planned sale of 6.1 million shares will raise $116 million, plus another offering of 915,000 shares to underwriters.
At $19 per share, Opower’s founders will each own shares worth over $100 million (at the time of the IPO). With this IPO, Opower is showing that young tech entrepreneurs can tackle meaningful problems like energy efficiency and climate change and still achieve the Silicon Valley dream of financial success. Valley venture firm NEA backed Opower early on, and its shares are worth $170 million at the time that IPO starts trading. Kleiner Perkins and Accel backed Opower later in its life and their shares are worth $43 million at the time of the IPO.
To read about Opower’s founding story, check this out. I’ll be following Opower’s stock on Friday and will update you on how it fares throughout the day. Morgan Stanley and Goldman Sachs are the banks handling the IPO.