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IPO - Friday, April 13, 2007

Comverge IPO Prices At High End For $95M Take

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Electrical metering technology vendor Comverge priced 5.3M shares at $18 per share, for an IPO take of $95.4M. It originally filed to price around 4.89M shares at between $15 and $17 per share. The company had raised $40M VC funding from Nth Power, EnerTech Capital Partners, Rockport Capital Partners, Norsk Hydro Ventures, Ridgewood Capital, Easton Hunt, Data Systems & Software, Air Products & Chemicals Inc. and Partners for Growth.

In 2006, Comverge recorded $33.9M revenue, up 45% from the prior year driven in large part by the ramp in outsourcing arrangements. However, the company has yet to book an annual profit, and it lost $5.7M in 2006.

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