Common Stock Boom in SolarEdge Technologies
SolarEdge Technologies, Inc. has announced the pricing of its initial public offering of 7,000,000 shares of its common stock at a price to the public of $18 per share, as sold by SolarEdge.
SolarEdge is a provider of an intelligent inverter solution that has changed the way power is harvested and managed in solar photovoltaic systems. The SolarEdge DC optimized inverter system maximizes power generation at the individual PV module-level while lowering the cost of energy produced by the solar PV system. The system consists of power optimizers, inverters, and a cloud-based monitoring platform, and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations.
As part of their announced common stock offering, the underwriters have been granted a 30-day option to purchase up to 1,050,000 additional shares. These shares are expected to begin trading today on the NASDAQ Global Select Market under the ticker symbol SEDG.
The closing of the offering is expected to occur on March 31, 2015, subject to the satisfaction of customary closing conditions. Goldman, Sachs & Co. and Deutsche Bank Securities Inc. are acting as joint book-running managers for the offering. Needham & Company, Canaccord Genuity Inc., and Roth Capital Partners are acting as co-managers.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 25, 2015. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering will be made only by means of a prospectus.