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.

Other News

Raytheon logo

Raytheon Wins $700M Space Defense Warning System Support IDIQ

The U.S. Air Force has awarded Raytheon (NYSE: RTN) a potential $700 million contract to ...

northrop Grumman_BLUE

Joseph Ensor, Michael Hinkey to Head Northrop’s Separated Space ISR, Airborne ISR Divisions

Northrop Grumman (NYSE: NOC) has appointed Joseph Ensor to lead the new space intelligence, surveillance and ...