California-based Enphase Energy Inc. is issuing over 3.2 million shares of its common stock through current stockholders at $10.50 per share.
The selling stockholders include entities affiliated with Bay Partners, KPCB Holdings, Madrone Partners, RockPort Capital Partners and Third Point LLC.
The selling stockholders have granted the underwriters a 30-day option to purchase up to 482,476 additional shares of common stock to cover over-allotments, if any. The selling stockholders will receive all the proceeds from the offering. Enphase Energy will not receive any proceeds from the sale of common stock by the selling stockholders.
Needham & Company LLC is acting as sole book-running manager. Roth Capital Partners and Northland Securities Inc. are acting as co-managers. The offering is expected to close on or about Aug. 19, subject to customary closing conditions.