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Enlight Renewable Energy continues IPO parade

Megan Hernbroth
Illustration of an infinite stack of Wall St. bulls.

Illustration: Shoshana Gordon/Axios

Enlight Renewable Energy, an Israel-based project developer and IPP, raised $293 million in its IPO Friday.

Why it matters: After a long drought, clean-energy companies are prying open the IPO window.

Context: Nextracker, a solar tracking software maker, raised $638 million in its IPO on Thursday.

  • LanzaTech, a materials recycling company, completed its SPAC merger on Friday in a deal that valued the Illinois-based company at around $1.8 billion.

Driving the news: Enlight shares opened at $17.89 per share, down from its initial pricing of $18 per share.

  • It is trading on the Nasdaq, as are both Nextracker and LanzaTech. Enlight's ticker is "ENLT."
  • 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.

What it does: Enlight Renewable Energy builds, owns and operates utility-scale renewables projects in the U.S., Europe and Israel.

What they're saying: "We are very happy to see more companies in the sector becoming public. We believe this is part of a trend of this sector being one of the first sectors to open up again in public markets," Enlight CEO Gilad Yavetz told Axios from the trading floor.

  • "There is a lack of energy resources today. You see it in Europe, especially, and in the U.S. with high energy prices. Renewables are so competitive," Yavetz says of the sector's recent spate of public debuts.
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