US-based energy management company Opower has raised $115.9m from its initial public offering, at the top of the $17-19 range it set a few days previously.
Opower sold 6.1 million shares priced at $19.00 each, and will use the proceeds to puruse growth strategies by expanding its service for existing customers, entering new international markets and developing new offerings on its platform.
The company was one of the 12 winners of GE’s Ecomagination Challenge in 2010, and split $55m with the other winners, though GE was not one of Opower’s main shareholders, owning less than 5% of its stock. Opower had raised $65.5m from backers also including New Cycle Capital, New Enterprise Associates, Accel Partners, Kleiner Perkins Caufield Byers and MHS Capital, and its largest shareholder is currently NEA with a 19% stake.
Opower’s stock opened at $25.00 on its first day of trading on Friday April 4, and briefly reached $26.00 before coming back down to close at $23.00.
Underwriters Morgan Stanley & Co., Goldman, Sachs & Co., Allen & Company, Pacific Crest Securities, Canaccord Genuity and Cowen and Company have the option to purchase an additional 915,000 shares, which would increase the IPO’s proceeds to almost $133.3m.