Energy-Efficiency Firm Opower Files for Confidential IPO -Sources

By Dow Jones Business News, 
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By Yuliya Chernova and Douglas MacMillan

Opower Inc., a company that contracts with utilities to help homeowners reduce energy use, has submitted a confidential filing for an initial public offering, according to two people familiar with the matter.

The Arlington, Va., company has retained Morgan Stanley and Goldman Sachs Group Inc. to lead the underwriting of the potential IPO, The Wall Street Journal previously reported. It isn't clear what Opower's valuation is or what the value of the shares it might sell would be.

Opower is making use of the Jumpstart Our Business Startups Act, or JOBS Act, which allows companies with less than $1 billion in revenue the prior fiscal year to start the IPO process without disclosing financial information.

Several companies have filed this way in recent months, including video-camera maker GoPro Inc., high-speed trading firm Virtu Financial Inc. and online caregiver service Care.com Inc.

An Opower spokeswoman couldn't immediately be reached for comment.

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