Enlight completes $252m Nasdaq offering

Gilad Yavetz  credit: Ilan Mor
Gilad Yavetz credit: Ilan Mor

Enlight Renewable Energy's offering, the first by an Israeli company in New York in 2023, was at a valuation of $2 billion.

Enlight Renewable Energy (TASE: ENLT; Nasdaq: ENLT) has become the first Israeli company to complete an IPO on Wall Street in 2023, raising $252 million. On Friday, the company announced the pricing of its offering of 14,000,000 ordinary shares at $18 per share, which represents a modest discount of 6.5% on the company’s closing share price on the Tel Aviv Stock Exchange on Thursday of NIS 67.2. The offering values the company at some $2 billion. Enlight stated in the prospectus it published last week that it had received an indication from the Energy Transition Fund of BNP Paribas that it planned to invest $25 million in the company in the offering.

Enlight began to be traded on Nasdaq on Friday under the ticker symbol ENLT. The company’s shares will continue to be traded in Tel Aviv, where Enlight has been listed since 2020. Enlight was the second renewable energy company to be floated on Wall Street last week, after Nextracker, which rose 27% on its first day of being traded. Enlight itself fell 1.93% on Friday. On the Tel Aviv Stock Exchange this morning, the share price is down by about 2%.

Enlight has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 ordinary shares at the initial public offering price. If the option is exercised, it will raise a further $37.8 million.

The underwriters are J.P. Morgan, BofA Securities and Barclays, acting as lead book-running managers. Credit Suisse, Wolfe/Nomura Alliance and HSBC are acting as book-running managers, and Roth Capital Partners is acting as co-manager for the offering.

Enlight was founded in 2008. It builds and operates renewable energy projects in Israel Europe, and the US. The company's CEO is co-founder Gilad Yavetz.

Enlight was represented by Latham & Watkins and Herzog Fox Neeman law firms. The underwriters were represented by Advs. Daniel Marcovici and Ian Rostowsky from the Amit Pollak Matalon law firm. 

Published by Globes, Israel business news - en.globes.co.il - on February 12, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Gilad Yavetz  credit: Ilan Mor
Gilad Yavetz credit: Ilan Mor
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