Arlington-based Opower looks to raise $133M in initial public offering

Arlington-based Opower hopes to raise $133.2 million in its forthcoming initial public offering, regulatory filings show.

The company will sell 7.015 million shares at as much as $19 a piece, according to documents published Monday through the Securities and Exchange Commission. Those figures are subject to change.

Opower sells software directly to utility companies that monitors their customers energy usage and encourages them to reduce it. Founded in 2007, Opower has inked deals with some of the globe’s largest energy providers, giving the firm access to millions of households.

The filing shows Opower has grown its revenue 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 invests in expansion, according to the filing.

Follow reporter Steven Overly on Twitter: @StevenOverly

Steven Overly covers the business of technology, biotechnology and venture capital in the Washington region for The Washington Post and its weekly Capital Business publication. In that capacity, he has written about start-up struggles, investment trends and major drug discoveries.
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