Enphase cuts IPO price expectation 40%

PETALUMA -- Enphase Energy Inc. today said it anticipates pricing for its initial public offering of stock, expected this week, will be 40 percent lower.

The developer of microinverters for photovoltaic panels expects the initial price for common stock will be $6 to $7 a share, according to the amended stock prospectus filed today with the U.S. Securities & Exchange Commission.

In a March 12 filing, the company anticipated an IPO price of $10 to $12 a share.

Enphase isn't alone. A number of companies have lowered price expectations or withdrawn IPO filings in recent months as volatile markets have complicated marketing and pricing the offerings, according to MarketWatch.

Enphase still plans to offer 7.27 million common shares at first sale, with another 1.09 million shares reserved for underwriters, according to the new filing. That could raise $43.6 million to $50.9 million, or as much as $58.5 million with sales to underwriters.

Stock analysts have anticipated Friday will be the day for the IPO for Enphase's stock on the NASDAQ exchange under the symbol ENPH.

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