Thomas Werner, CEO of SunPower Corporation (Nasdaq:SPWR), will ring the opening bell Friday to celebrate its initial public offering on the NASDAQ.
SunPower Corp. shares rose nearly 45% in the solar power equipment maker’s market debut on Nasdaq today.
The shares were trading at $26.07, up $8.07 from their $18 initial public offering price, which was the top of the forecast range.
SunPower, a spin-off from Cypress Semiconductor Corp. (CY) raised its target price range from $12-$14 per share to $16-18 a few days ago. With 7.7 million shares on offer, the deal is worth $138.6 million.
The Sunnyvale, California-based company is considered among the most efficient solar manufacturers and will use the proceeds to expand manufacturing capacity at its plant in the Philippines.
Cypress first invested in SunPower in 2002 and will retain a majority stake in the company, including all the class B shares and 87 percent of the class A shares, according to a filing with the U.S. Securities and Exchange Commission.
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