Shares of SolarEdge closed 15% higher than its initial public offering on the US-based company’s trading debut on Nasdaq.
SolarEdge had raised US$126 million from the IPO, selling 7 million shares at US$18 apiece. The shares closed at US$20.70, after rising as high as US$22. Goldman Sachs and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering while Needham & Co, Canaccord Genuity Inc. and Roth Capital Partners acted as co-managers.
SolarEdge, which started in 2006, makes components for photovoltaic systems, with a client list that includes SolarCity Corp., Sunrun Inc. and Vivint Solar Inc. It has shipped 5.1 million power optimizers and 222,000 inverters.