Enphase Energy, a US-based solar company, backed by the corporate venturing unit of Applied Materials, is looking to raise up to $87.4m, after it set its initial public offering range.
The company said it was looking to sell nearly 7.3 million shares at between $10 per share to $12 per share, in a regulatory filing with the Securities and Exchange Commission on Monday.
Enphase has developed a semi-conductor based system which converts direct current electricity to alternating current electricity at the solar module level.
The company is looking to trade on Nasdaq, with symbol ENPH. The company had raised $115.2m in convertible preferred stock and convertible notes at December 31, 2011.
The main shareholders in the company are Applied Ventures (6.6%) as well as venture firms Third Point (20% before IPO), Rockport Capital Partners (17.5%), Madrone Partners (15.6%), a private investment firm affiliated with Rob Walton and his family, Kleiner Perkins Caufield & Byers (12.3%), and Bay Partners (5.9%).
The initial public offering is being advised by banks Morgan Stanley, Bank of America Merrill Lynch, Deutsche Bank, Jefferies, Lazard Capital Markets and ThinkEquity, part of financial services group Panmure Gordon.
In 2011 the company made a net loss of $32.3m on net revenues of $139.5m.
The filing said Applied Ventures bought $3.35m of series D and series E stock, while an earlier filing last year said it had invested about $5.5m in Enphase’s series B through to E rounds as well as $2.44m in a convertible loan earlier this month.