The US-based solar company backed by Applied Materials set its range on Monday at $10 to $12 per share.

Enphase Energy, a US-based solar company, backed by the corporate venturing unit of Applied Materials, is looking to raise up to $87.4m, after it set its initial public offering range.

The company said it was looking to sell nearly 7.3 million shares at between $10 per share to $12 per share, in a regulatory filing with the Securities and Exchange Commission on Monday.

Enphase has developed a semi-conductor based system which converts direct current electricity to alternating current…