Reuters: Global Markets: Enphase prices IPO at low end of range: underwriter

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Enphase prices IPO at low end of range: underwriter Mar 30th 2012, 00:19 Thu Mar 29, 2012 8:19pm EDT (Reuters) - Solar inverter company Enphase Energy priced its initial public offering at $6 a share, the low end of its range, and sold more shares than it expected, an underwriter told Reuters on Thursday. The company sold 9 million shares in the offering. It had expected to offer 7.3 million shares. On Wednesday, the company brought down its price range to $6 and $7 apiece from its earlier range of $10 to $12 per share. The Petaluma, California-based company, which has posted net losses each year since its inception, raised about $54 million from the IPO. 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. Shares of the company are expected to start trading on the Nasdaq on Friday under the symbol "ENPH." Morgan Stanley, BofA Merrill Lynch and Deutsche Bank acted as the representatives of the underwriters for the offering.

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