Energy software company Opower started trading on the New York Stock Exchange on Friday morning starting at $25 per share, a significant jump from the $19 per share that it priced at last night. Last month Opower set its price range at $17 to $19 per share.
Opower’s stock dropped down to between $23 and $24 per share in morning trading as of 10:30 AM EST. By 230PM EST, Opower’s shares had leveled out around $23 per share. At the end of the day, Opower closed at $23 per share.
In the afternoon I spoke with Opower’s CEO Dan Yates, who was holed up in a windowless conference room at the New York Stock Exchange, and he called the day “awesome,” “exhilarating,” and “10 times more than I had hoped for.” When I asked him if there was anything he planned to do with his newly acquired wealth, he laughed and said “no, we’re not about the benjamins.”
Now that Opower has raised another $116 million from the IPO, the company will “get back to work on Monday,” and focus on international expansion and building out their software product, said Yates. But in terms of the rest of Friday and the weekend, Yates says “it’s a time of celebration.”
We’ll be watching the stock throughout the day, so check back in with us and read some of the stories we’ve written about Opower throughout the years:
- With Opower’s IPO, founders show meaningful tech can pay off
- What Opower will need to satisfy Wall Street
- Why Nest’s valuation is higher than Opower’s: Hardware, consumers, the home
- Opower, the big data energy player to beat