PETALUMA -- Photovoltaic panel microinverter maker Enphase Energy, Inc., (Nasdaq:ENPH) today said it closed its 4-day-old initial public offering of common stock, after selling 10.32 million shares, including all 1.345 million reserved for underwriters of the debut.
Net proceeds from the sale of the shares, after deducting underwriters' discounts and other estimated expenses of the offering, will be about $54.6 million. Gross sales were nearly $62 million.
Enphase priced the stock at $6 a share, after lowering pricing expectations by 40 percent in the weeks leading up the IPO. It debuted on Nasdaq Global Market on Friday morning at $7.50, and the price at the end of the first session was 22 percent higher the the initial pricing.
Amid a down day on stock exchanges internationally, the closing price of Enphase's stock Wednesday was $7.45, down 19 cents a share or nearly 2.5 percent from Tuesday.
Morgan Stanley & Co. LLC, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. were joint book-running managers for the offering. Jefferies & Company, Inc. was joint lead manager. Lazard Capital Markets LLC and ThinkEquity LLC were co-managers.