Renewable energy company Enlight going public on Nasdaq at over $2 billion valuation
Renewable energy company Enlight going public on Nasdaq at over $2 billion valuation
The company, which specializes in projects involving the generation of electricity from renewable energy, will begin trading on Wall Street on Friday and has already ensured itself over $250 million in funding
Enlight Renewable Energy will begin trading on Nasdaq on Friday, becoming the first Israeli company to complete an IPO on Wall Street in 2023. Enlight has already secured itself over $250 million in funding.
The company, headed by Gilad Yavetz, is currently traded on the Tel Aviv Stock Exchange with a market cap of NIS 6.8 billion (approximately $1.95 billion) and plans to be a dual-listed company. Enlight announced on Thursday that its 14,000,000 ordinary shares on Nasdaq will be priced at $18 per share, with the company to trade under the ticker "ENLT".
The company specializes in the initiation, development, financing, construction, management, and operation of projects involving the generation of electricity from renewable energy sources.
The company, headquartered in Rosh Ha'ayin, was founded by Yavetz, Zafrir Yoeli and Amit Paz. Enlight is profitable, reporting a profit of $27 million on revenue of $131 million for the nine-month period ending on September 30, 2022.
Enlight went public on TASE in 2010 at a valuation of just NIS 59 million (approximately $17.3 million). J.P. Morgan, BofA Securities and Barclays are acting as lead book-running managers for the offering. Credit Suisse, Wolfe | Nomura Alliance and HSBC are acting as book-running managers, and Roth Capital Partners is acting as co-manager for the offering.
