UPDATE 1-Enphase Energy cuts expected IPO price range
* Now sees IPO priced at $6-$7/shr
* Had earlier expected offering to be priced at $10-$12/shr
March 28 (Reuters) - Enphase Energy, which provides microinverter technology to the solar industry, said it now expects its initial public offering of 7.3 million shares to be priced between $6 and $7 apiece.
It had earlier expected the IPO to be priced at $10 to $12 per share.
At the higher end of the new price range, the Petaluma, California-based company will raise about $51 million.
Enphase, which sells microinverters that turn direct current from solar panels into alternating current that can be fed into household power systems, is backed by Third Point LLC and RockPort Capital Partners among others.
Funds associated with Third Point will hold about 15.8 percent stake in the company after the offering.
Enphase has incurred net losses each year since its inception, according to a regulatory filing.
Morgan Stanley, BofA Merrill Lynch and Deutsche Bank are lead underwriters to the IPO.
- French warplanes search Mali desert for crashed Air Algerie plane |
- At least 15 killed by shelling of Gaza school; toll exceeds 760 |
- Exclusive: Ukraine rebel commander acknowledges fighters had BUK missile
- U.S. House panel votes to authorize lawsuit against Obama
- Lawyers call for outside probe of 'bungled' Arizona execution |