Home / Financial Report / Cloud Tech Firm Opower Goes Public to Raise $116M

Cloud Tech Firm Opower Goes Public to Raise $116M

CloudCloud energy management software provider Opower raised $115.9 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.

Check Also

STG logo

Former L-3 NSS Exec Bill Scott Joins STG as Cybersecurity VP; Phil Lacombe Comments

Bill Scott, a former vice president at L-3 Communications (NYSE: LLL), has been appointed VP …

Black Hawk

Sikorsky Lands $187M in Army Contract Modifications for Taiwan, Tunisia UH-60M Helicopters

The U.S. Army has awarded Lockheed Martin‘s (NYSE: LMT) Sikorsky Aircraft subsidiary two contract modifications worth a combined $187.1 …

Subscribe to our Newsletter
I will subscribe later