PETALUMA -- Enphase Energy Inc. this evening announced the price of its initial public offering of stock on Friday at $6 a share.
The maker of electrical microinverters for photovoltaic panels plans to debut on Nasdaq Global Market under the symbol ENPH with the sale of 8,969,697 shares of common stock, aiming to raise $53.8 million.
All the common shares are being offered directly by Enphase. The company gave offering underwriters a 30-day option to purchase up to an another 1,345,454 shares of common stock to cover any over-allotments.
Morgan Stanley & Co. LLC, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are book-running managers for the offering. Jefferies & Company, Inc. is joint lead manager. Lazard Capital Markets LLC and ThinkEquity LLC are co-managers.
Enphase earlier this week suggested its IPO price could be between $6 and $7 a share.