Micro-inverter manufacturer Enphase Energy Inc. has closed its initial public offering (IPO) of 10,315,151 shares of its common stock at a price to the public of $6.00 per share for gross proceeds of approximately $61.9 million.
The sale included 1,345,454 shares of common stock sold pursuant to the over-allotment option granted by the company to the underwriters. The option was exercised in full. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by Enphase Energy, will be approximately $54.6 million.
Morgan Stanley & Co. LLC, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering. Jefferies & Co. Inc. acted as joint lead manager, and Lazard Capital Markets LLC and ThinkEquity LLC acted as co-managers.