SolarEdge sets terms for $119m Nasdaq IPO

Guy Sella

The solar energy company's public offering will be at a $609-685 million company value, after money.

Solar energy company SolarEdge yesterday set its terms for its IPO on Nasdaq. The company, which has developed a solar energy optimization and monitoring system, will offer seven million shares at a share price in the $16-18 range, meaning that the proceeds will be between $112 million and $126 million (an average of $119 million).

The offering, which will not include an offer for sale, will be at a company value of $609-685 million, after money (an average of $647 million).

SolarEdge was founded in 2006 by CEO and chairman Guy Sella (50), VP marketing and product strategy Lior Handelsman (40), VP R&D Yoav Galin (41), VP core technologies Meir Adest (39), and chief software architect Amir Fishelov. The company was incorporated in Delaware, US, not in Israel.

The list of company shareholders indicates that Sella, the only founder who still holds shares in it, has been reduced to a 2% stake, including options, worth $11 million. The three largest shareholders are venture capital funds Opus Capital Ventures, Genesis Partners, and Walden International, each with a 14.6% stake.

SolarEdge earned a $5.9 million net profit in the first half of its fiscal 2015 year (the second half of 2014).

Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2015

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

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