Vivint Solar prices IPO – Reuters
Reuters – Residential solar panel installation technician Vivint Solar Inc priced a unique initial public offering at $16 per share, valuing the Blackstone Group LP -backed company numerous $1. 68 billion.
Vivint Terreno is offering all the 20. 6 hundred shares, which were priced at the low close of the expected range, raising $329. 6 million.
Lehi, Utah-based, Vivint Solar is currently the second-largest installation technician of residential solar panels in the United States after SolarCity Corp, which is backed by Tesla Motor Inc founder Elon Musk.
Vivint has benefited from a business model that allows home owners to avoid the hefty upfront price buying a solar system outright.
The company makes the panels up on a house generating funds provided by financial institutions and makes finances by selling the power they produce compared to the homeowner for less than existing retail effect rates.
Blackstone bought Vivint Solar’s parent company, Vivint Inc, in the first quarter of 2012 for more than $2 billion. Formerly typically AFX Alarm Systems, the company was introduced selling alarm systems door-to-door it happened in 1999.
Shares owned by 313 Belongings LLC, a stockholder and an internet affiliate of Blackstone, will fall to help 75. 3 percent from ninety-seven percent, assuming the underwriters complete exercise their option to buy greater shares.
Vivint Solar’s revenue went more than five-fold to $10. summer million for the six months ended Summer 30, compared with a year earlier. Some of the company’s net loss widened to help $76. 2 million during the length from $22. 7 million in 2010.
The company said it plans to employ the IPO proceeds to repay bill and for working capital. The company had in regard to $78. 3 million in continuous debt on a pro forma make certain as of June 30.
The company’s shares are expected to start trading near the New York Stock Exchange under the symbol “VSLR” with Wednesday.
Goldman Sachs, BofA Merrill Lynch and Credit Suisse were definitely among the underwriters of the IPO. (Reporting by Amrutha Gayathri and Sudarshan Varadhan in Bangalore; Editing by the Sandra Maler)