SolarEdge Technologies, which provides DC-optimized inverter systems for the solar industry, announced terms for its IPO on Wednesday.
The Herzilya, Israel-based company plans to raise $119 million by offering 7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, SolarEdge Technologies would command a fully diluted market value of $733 million.
SolarEdge sells its solutions to solar installers, construction firms and large distributors, which provide optimized cells to residential and commercial end users. Its customers include SolarCity (SCTY), SunRun and Vivint Solar (VSLR). Vivint Solar went public in October 2014, but trades about 25% below the offer price. Close competitor Enphase Energy (ENPH) went public in March 2012.
SolarEdge Technologies, which was founded in 2006 and booked $215 million in sales for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol SEDG. Goldman Sachs and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of March 23, 2015.
