SolarEdge Surges in Trading Debut as IPO Raises $126 Million

(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

SEDG.

Goldman Sachs Group Inc. and Deutsche Bank AG were lead

underwriters, and Needham & Co., Canaccord Genuity Inc. and Roth

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

markets.”

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.

To contact the reporter on this story:

Justin Doom in New York at

jdoom1@bloomberg.net

To contact the editors responsible for this story:

Reed Landberg at

landberg@bloomberg.net

Will Wade, Robin Saponar

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us