(Bloomberg) — SolarEdge Technologies Inc., a maker of
components for photovoltaic systems, surged in its trading debut
after raising $126 million in an initial public offering.
SolarEdge jumped 15 percent to $20.70 at the close in New
York, after pricing 7 million shares at $18. The company is
trading on the Nasdaq Global Select Market under the ticker
Capital Partners co-managed the offering, according to a
statement Thursday. The underwriters have a 30-day option to
purchase as many as 1.05 million additional shares.
SolarEdge’s customers include SolarCity Corp., Sunrun Inc.
and Vivint Solar Inc., three of the largest U.S. rooftop solar
installers. Total solar installations in the U.S. may reach
almost 9 gigawatts in 2015, up from 6.3 gigawatts last year,
according to data compiled by Bloomberg New Energy Finance.
“SolarEdge inverters target the distributed PV sector,
which is set to out-build utility-scale projects starting in
2017,” Jacqueline Lilinshtein, a New York-based analyst for
Bloomberg New Energy Finance analyst, said in an e-mail. “The
technology might make residential solar economical in a few more
SolarEdge, based in Herziliya Pituach, Israel, has shipped
about 1.2 gigawatts of inverter systems annually since 2010 for
projects in 73 countries, according to a Feb. 18 Securities and
Exchange filing announcing the IPO. Plans for the offering were
reported in September.
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Will Wade, Robin Saponar