Israel’s Enlight Renewable Energy Raises $252 Million from Nasdaq IPO

Enlight Renewable Energy has now become the first company from Israel that has completed an initial public offering (IPO) on Wall Street in 2023. Enlight is a global renewable energy platform and has raised $252 million from the IPO.

Enlight Renewable Energy announced the pricing of its initial public offering of 14,000,000 ordinary shares at a price to the public of $18.00 per share. This represented a discount of 6.5 per cent on its closing share price on the Tel Aviv Stock Exchange last Thursday of NIS 67.2.

The original of the firm was to raise upto $293 million through the IPO.

In addition, Enlight has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 ordinary shares at the initial public offering price, less underwriting discounts and commissions. If the option is exercised, the company will further raise about $37.8 million.

J.P. Morgan, BofA Securities and Barclays acted as lead book-running managers for the offering. Credit Suisse, Wolfe | Nomura Alliance and HSBC acted as book-running managers, and Roth Capital Partners was the co-manager for the offering.

The IPO has increased the net worth of Enlight to about $2 billion. It said in the prospectus it published a week ago that it had received an indication from the Energy Transition Fund of BNP Paribas that it was planning to invest $25 million in Enlight in the offering.

Enlight is now being traded on Nasdaq since Friday. It’s ticker symbol is ENLT. The Israeli company informed that its shares will continue to be traded in Tel Aviv. It has been listed in Tel Aviv since 2020.

Enlight develops, finances, constructs, owns and operates utility-sale renewable energy projects. It operates across the three largest renewable segments today: solar, wind and energy storage. As a global platform, Enlight has operations in the United States, Israel and 9 European countries.

Solar technology company Nextracker Inc has also gone public last week. DESRI Inc and REV Renewables Inc are mulling to hit the stock exchange in coming days signifying the renewable expansion globally.