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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.

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