Enphase Raises Half of Target with IPO

It was revealed on Friday that Enphase Energy

raised $51.1 million with its initial public offering, half of what it originally sought, an then surged in New York trading. According to

, Enphase sold 8.97 million shares at $6 each. Existing backers agreed to buy 2.5 million of the shares. The company had been forced to reduce the price range from $10-$12 to $6-$7. It was initially seeking to raise up to $100 million. Enphase is leading the way, being the first of three renewable energy companies in the U.S. planning to go public. Enerkem is expected to price its IPO on April 3, and it will be interesting to see how traders respond to a company which gets ethanol and chemicals from trash. That will be followed on April 11 by the IPO from BrightSource Energy, the solar thermal developer.