Opower, which provides customer engagement solutions for the utility industry, announced terms for its IPO on Monday. The Arlington, VA-based company plans to raise $110 million by offering 6.1 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Opower would command a fully diluted market value of $993 million.
Energy software company Opower intends to sell 6.1 million shares at a range of $17 to $19 per share during its planned upcoming IPO, it said Monday. At the mid-point of that price range, Opower could raise $110 million in the offering; the company is also offering another 915,000 shares to underwriters. Opower made the disclosure in an updated S-1 filing on Monday. Founded in 2007 by entrepreneurs Alex Laskey and Dan Yates, Opower works with utilities to make energy efficiency products like itemized energy bills, emailed energy efficiency tips, and thermostat software.
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