NEW YORK (TheStreet) -- Shares of SolarEdge Technologies (SEDG) - Get Report surged 20.17% to $21.63 in afternoon trading today as the stock began trading on the NASDAQ Global Select Market.

Israel-based SolarEdge announced this morning the pricing of its initial public offering of 7 million shares of its common stock at a price to the public of $18 per share.

All shares are being sold by SolarEdge. As part of the offering, the underwriters have been granted a 30-day option to purchase up to 1,050,000 additional shares.

The closing of the offering is expected to occur on March 31, subject to the satisfaction of customary closing conditions.

Goldman Sachs and Deutsche Bank are acting as joint book-running managers for the offering. 

"The global residential and small commercial PV market, which SolarEdge targets, is forecast to grow 18% to reach just under 15 GWac in 2015 and the capital raised via IPO will position SolarEdge to take advantage of this growth in the market and increase its market share globally," senior PV market analyst at information firm IHS,Cormac Gilligan, explained to SolarServer.

SolarEdge is a provider of solar power harvesting and photovoltaic (PV) monitoring solutions. The company's portfolio of products includes power optimizers, PV inverters and a Web portal for module-level monitoring and fault detection.

More than 5.74 million shares changed hands by 3:28 p.m. in New York.