Enphase Energy Filing for IPO
Enphase Energy Inc. has filed plans in the US with the Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering (IPO) of common stock. Shareholders of the company include funds affiliated with Third Point LLC, RockPort Capital Partners, Madrone Partners LP, KPCB Holdings Inc., Applied Ventures and Bay Partners.
Enphase specializes in technology systems to boost the efficiency of solar panels. Microinverters, like the more conventional central inverter, convert direct current from solar panels into alternating current for feeding the grid or onsite use. Unlike a central inverter, which serves a bunch of solar panels at a time, each microinverter is matched with one solar panel.
The share offer price range and number of shares to be issued has yet to be determined, according to the company. Enphase closed a $63 million private round in June last year, bringing the total private money raised to $104 million by then.
In the three months ended March 31, Enphase reported a net loss of $9.3 million and revenue of $18.1 million, compared to a loss of $3.7 million and revenue of $11.6 million, in the year-ago period.
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