Opower sets IPO price range at $17 to $19, could raise $110M

Gigaom

Energy software company Opower intends to sell 6.1 million shares at a range of $17 to $19 per share during its planned upcoming IPO, it said Monday. At the mid-point of that price range, Opower could raise $110 million in the offering; the company is also offering another 915,000 shares to underwriters. Opower made the disclosure in an updated S-1 filing on Monday.

Founded in 2007 by entrepreneurs Alex Laskey and Dan Yates, Opower works with utilities to make energy efficiency products like itemized energy bills, emailed energy efficiency tips, and thermostat software. The company is essentially a big data and behavior analytics play, and Opower uses utility energy consumption data to create ways to convince utility customers to reduce their energy consumption. Earlier this month the company launched the fifth version of its software.

Honeywell & Opower smart thermstat website Honeywell & Opower smart thermstat website

Opower’s revenues are growing, and it’s continuing to…

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