Israeli cleantech Enlight Renewable Energy (NASDAQ:ENLT) stock was trading slightly lower following its downsized $252M US initial public offering.
Shares of Enlight opened at $17.90 at approximately 12:45 p.m. ET. The stock recently traded at $17.76, down 1% from its IPO price of $18, at around 1:15 p.m. ET.
Englight offered 14M ordinary shares priced at $18 per share. Underwriters were granted a 30-day option to buy up to 2.1M additional shares to cover over-allotments.
JP Morgan, BofA Securities and Barclays are serving as lead bookrunning managers, with Credit Suisse, Wolfe/Nomura Alliance and HSBC as bookrunning managers. Roth Capital Partners is serving as co-manager of the deal.
The deal was downsized from one proposed earlier this week that sought to raise $293M. Enlight shares are also traded on the Tel Aviv stock exchange under the symbol ENLT.
Based in Israel, Enlight develops, finances, builds and operates renewable energy projects. The company earns most of its money through the sale of electricity generated by its projects.
Enlight wasn’t the only cleantech of seek a US public listing this week. Solar technology provider Nextracker (NXT), a spinout of Flex (FLEX), raised $638M through an upsized IPO on Thursday.
Solar Juice (SJA). a spinout of SPI Energy (SPI), has also filed to go public.