* Now sees IPO priced at $6-$7/shr
* Had earlier expected offering to be priced at $10-$12/shr
March 28 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
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.