Enphase Energy just announced that it has filed a registration statement with the SEC for a proposed IPO of its common stock. The company plans to raise $100 million.
The bookrunning managers of the proposed offering will be Morgan Stanley & Co. LLC and BofA Merrill Lynch. Jefferies & Company, Inc. will be acting as joint lead manager, and Lazard Capital Markets LLC and ThinkEquity LLC will be acting as co-managers.
Enphase is, by far, the leading microinverter firm, with more than 750,000 units sold to date and a role as the trailblazer of the microinveter market itself.
The IPO window is relatively open and the company's revenue level, sales trajectory and overall market position make it a good candidate for a public offering.
Here's a link to the S-1.
According to the SEC document, and based on CSI data, Enphase CSI market share in megawatts has followed this trend:
Enphase had 2010 revenues of $61.6 million and net losses of $20.7 million. The first quarter of 2011 has revenue of $18 million and losses of $9.2 million.
VC investors include Rockport, KPCB, Applied Ventures, Madrone Partners, Bay Partners, and Third Point LLC.