Enlight Renewable Energy (Nasdaq: ENLT) made its debut on the US market on Friday, giving the company a market cap of $2.07 billion. This is the first IPO of an Israeli company in 2023.

The company has completed the pricing of its Nasdaq IPO, which will raise $252 million. The offering was conducted at a price of $18 per share, representing a 6.5% discount to the share price in Tel Aviv, which closed on Thursday at NIS 67.2 ($19.25). In the IPO, the company’s value exceeds $2 billion. Enlight stated in the prospectus submitted earlier in the week that it has received an indication from the Energy Transition Fund of the French bank BNP Paribas, which plans to invest $25 million in the Israeli company as part of the offering.

Enlight was established in 2008 and is engaged in the development, construction, and management of projects involving the generation of electricity from renewable energy in Israel, United States and EU. The company had its IPO on the Tel Aviv Stock Exchange (TASE) in 2010 at a valuation of just $17.3 million.

Enlight’s latest valuation on TASE stood at around $1.95 billion. The first three quarters of 2022 brought in a total revenue of $131 million for the company, which resulted in a profit of $27 million.