SolarEdge raises $126m in Nasdaq IPO

SolarEdge

The solar power company's share price rose sharply on its first day of trading.

Solar power company SolarEdge Technologies Inc. has raised $126 million in its Nasdaq IPO. The company offered 7 million shares at $18 per share, at the high-end of the $16-18 range in the terms that it set. As part of the offering, the underwriters have been granted a 30-day option to purchase up to 1,050,000 additional shares.

The shares began trading today on NASDAQ under the “SEDG” ticker. The company's share price rose 12.5% to over $20, giving a market cap of $786 million in morning trading. The closing of the offering is scheduled for March 31 subject to the satisfaction of customary closing conditions.

Goldman, Sachs and Deutsche Bank are acting as joint book-running managers for the offering. Needham & Company, Canaccord Genuity and Roth Capital Partners are acting as co-managers.

SolarEdge provides end-to-end distributed solar power harvesting and PV monitoring solutions to maximize the power generation of residential, commercial and large-scale PV system installations.

SolarEdge was founded in 2006 by CEO and chairman Guy Sella, VP marketing and product strategy Lior Handelsman, VP R&D Yoav Galin, VP core technologies Meir Adest, and chief software architect Amir Fishelov. The company is incorporated in the US and has its Israel offices in Herzliya.

Published by Globes [online], Israel business news - www.globes-online.com - on March 26, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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