Arlington-based energy software provider Opower went public Friday morning in an offering that could raise $115.9 million for the company. Opower intends to sell 6.1 million shares at $19 each. It will trade on the New York Stock Exchange under the ticker symbol “OPWR.” The firm’s software tracks a home’s energy usage, then encourages the owners to reduce their consumption by comparing them to neighbors. Opower sells the software to some of the world’s largest utility companies, which in turn make it available to their customers.
Energy software company Opower priced its IPO at the high end of its projected range at $19 per share, the night before it plans to start trading on the New York Stock Exchange on Friday morning. Opower’s price range was announced at $17 to $19 per share last week, and at $19 per share, Opower’s planned sale of 6.1 million shares will raise $116 million, plus another offering of 915,000 shares to underwriters. At $19 per share, Opower’s founders will own shares worth over $100 million per share each (at the time of the IPO). And with this IPO, Opower is showing that young tech entrepreneurs can tackle meaningful problems — like energy efficiency and climate change — and still achieve the Silicon Valley dream of financial success.
