SolarEdge bags USD 678.5m from share offering

Dollars in green. Author: 401(K) 2012.

March 23 (Renewables Now) - Israel-based inverter supplier SolarEdge Technologies Inc (NASDAQ:SEDG) has raised a total of USD 678.5 million (EUR 614m) from an underwritten public offering of common stock after underwriters exercised in full their option for additional purchases.

The company offered a total of 2.3 million shares of its common stock at USD 295.00 a share, including 300,000 shares sold to the underwriters upon exercise of said option.

As previously announced, SolarEdge plans to use the proceeds for general corporate purposes, which may include acquisitions. The firm reiterated it does not already have any such deals in place.

Goldman Sachs & Co LLC, JP Morgan Securities LLC and Morgan Stanley & Co LLC served as joint book-running managers for the offering.

(USD 1.0 = EUR 0.905)

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