Reuters: Hot Stocks: UPDATE 1-Solar inverter maker Enphase soars on market debut

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UPDATE 1-Solar inverter maker Enphase soars on market debut Mar 30th 2012, 15:44 March 30 | Fri Mar 30, 2012 11:44am EDT March 30 (Reuters) - Solar inverter company Enphase Energy's shares rose as much as 29 percent on their debut, as investor appetite gradually returns in the clean technology sector. Shares of the company opened up 25 percent at $7.50 on the Nasdaq on Friday, after it priced its initial public offering at $6 a share, the low end of its range, but sold 9 million shares, more than it had expected. The Petaluma, California-based company, which has posted net losses each year since its inception, raised about $54 million from the IPO. Enphase Energy's debut caps one of the busiest IPO weeks on Wall Street in over a decade, which saw eight companies go public. The company, which is backed by Third Point LLC and RockPort Capital Partners, sells microinverters that turn direct current from solar panels into alternating current that can be fed into household power systems. Investor appetite is slowly coming back in the clean tech sector, thanks in large part to a new crop of companies based on clean technologies, from biofuels to solar, that have matured much more than their predecessors. Relatively high oil prices - $4 a gallon gas - and concerns about supply disruptions also are helping create an opening where numerous deals are expected to be launched this year. Morgan Stanley, BofA Merrill Lynch and Deutsche Bank acted as the lead underwriters for the offering. Link this Share this Digg this Email Reprints

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