Who wins out in Enphase’s IPO?

Solar inverter maker Enphase Energy ended a solar IPO drought by making its public market debut Friday, but did the company’s venture investor make a killing on the exit?
Not really, at least at the current per share price. Below is a list of major investors who financed the company prior to the IPO and what the value of their shares are after the IPO at the $6 offering price (based on the prospectus filed Friday). These shareholders are subject to a lock-up period of 180 days after the IPO so that they don’t flood the market with their shares and dilute the stock’s value so soon after the IPO.

Investor Shares after IPO % of common stock Value at $6 per share
Third Point 6.4M 16% $38.4M
RockPort Capital 4.8M 12.1% $28.8M
Madrone Partners 5.1M 12.9% $30.6M
Kleiner Perkins 4.8M 11.7% $28.8M
Applied Ventures 1.8M 4.6% $10.8M
Bay Partners 1.8M 4.6% $10.8M

But Enphase Energy has raised more than $100 million in equity and debt from private investors. The company said in a filing last year that it had sold $92.2 million share of convertible preferred stock as of March 31, 2011.  Based on a midday trading price, Enphase had a market cap of around $270 million.