Cloud Tech Firm Opower Goes Public to Raise $116M

CloudCloud energy management software provider Opower raised 5.9 million in its initial public offering Friday on the New York Stock Exchange, the Washington Post reported Friday.

Steven Overly writes that Arlington, Va.-based Opower’s shares climed 21 percent to $23 on the company’s first day of trading.

Goldman Sachs and Morgan Stanley served as book-running managers for the IPO, according to Overly.

Long-time friends Dan Yates and Alex Laskey founded the company in 2007 to offer technology for utilities to manage energy conservation programs.

Opower posted $887 million in sales last year.

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