Enphase prices shares for IPO

PETALUMA -- Enphase Energy Inc. suggested pricing for its planning initial public offering of stock, according to a regulatory filing.

The maker of photovoltaic system microinverters anticipates the opening price for 7.27 million shares of common stock to be offered will be between $10 and $12 a share, according to a filing with the U.S. Securities & Exchange Commission. That would raise about $73 million to $87 million in working capital. 

The offer could raise up to $100 million if about 1 million shares reserved for IPO underwriters Morgan Stanley, Bank of America Merrill Lynch, Deutsche Bank Securities, Jefferies, Lazard Capital Markets and ThinkEquity LLC are acquired in any over-allotment.

A date for the offering has not been set.

Net revenue was $149.5 million last year, up 142 percent from $61.7 million in 2010, according to the the filing. Net sales were $20.2 million in 2009. Net loss expanded to $32.3 million last year from $21.8 million in 2010 and $16.9 million.

Enphase sold 1,002 microinverters last year, up 142 percent from 414 in 2010. The company sold 126 in 2009.

The company filed for the offering in June.

Enphase wants to have its stock listed on NASDAQ Global Market under the symbol ENPH.


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