Shares of Arlington-based energy software provider Opower surged 21 percent Friday after it made its debut as a publicly traded company.
The stocks finished the day at $23 after opening at $19 a share. Opower hoped to raise $115.9 million in its initial public offering. The company’s share traded on the New York Stock Exchange under the ticker symbol OPWR.
The company is part of a rush of young firms seeking to capitalize on investors’ appetite for new issues. It was one of four companies, including online food-ordering service GrubHub, cloud-based software company Five9 and data service IMS Health, to go public Friday.
Opower’s software tracks a home’s energy usage, generating reports that try to coax homeowners to conserve by showing them how their use compares with their neighbors. Opower sells the software to some of the world’s largest utility companies, which in turn make it available to their customers.
Opower was founded in a small Arlington office in 2007 by friends Dan Yates and Alex Laskey. It now counts several hundred employees around the world, the bulk of whom are based in Arlington and San Francisco.
The company’s growth story and connection to the clean-energy market have made it a popular backdrop for politicians; President Obama visited Opower’s headquarters in 2010.
Regulatory filings show that Opower has grown its revenue in each of the past three years, ending last year with $88.7 million in sales. The company posted a net loss each of those years, including $14.2 million in 2013, as it has invested in expansion, according to the documents.
Morgan Stanley and Goldman Sachs were the lead book-running managers for the offering. Allen & Co., Pacific Crest Securities, Canaccord Genuity and Cowen and Co. are co-managers.
The underwriters can buy up to 915,000 additional shares of common stock at $19 each during the next 30 days, the company announced.
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