Utility SaaS provider Opower sets terms for $110 million IPO

Opower, which provides customer engagement solutions for the utility industry, announced terms for its IPO on Monday. The Arlington, VA-based company plans to raise $110 million by offering 6.1 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Opower would command a fully diluted market value of $993 million.

Opower, which was founded in 2007 and booked $89 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol OPWR. Opower initially filed confidentially on November 12, 2013. Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal.