March 3 (Bloomberg) -- Opower Inc., a provider of energy-management technology, filed for a $100 million initial public offering.
That figure is a placeholder used to calculate fees and may change, the Arlington, Virginia-based company said today in a filing with the U.S Securities & Exchange Commission. Goldman Sachs Group Inc. and Morgan Stanley are managing the offering.
Utilities pay a licensing fee to use Opower’s software, which identifies customers with unusually high energy-use patterns and notifies them by e-mail or text messages, which may prompt them to lower consumption. Using the system to reduce electricity demand lets utilities qualify for state incentives.
President and co-founder Alex Laskey declined to comment today when reached by telephone, citing SEC regulations.
The company expects to be listed on the New York Stock Exchange and trade under the ticker OPWR.
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