Vivint Solar, the second largest residential installer in the US has confirmed its IPO pricing of US$16 per share.
The listing should raise the company just under US$330 million and values it at US$1.68 billion.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The share pricing is at the lower end of the US$16-18 range touted previously.
The IPO prospectus said the proceeds would be used to repay some outstanding financial obligations as well as to “acquire, license and invest in complementary products, technologies or businesses”.
The company is following in the footsteps of market leader SolarCity. Vivint Solar has around 9% of the US residential market (as of Q1 2014).
SolarCity acquired mounting manufacturer Zep Solar and has attributed a portion of its reductions in the time and cost of installs to the deal, launching a new “Zep-compatible” east-west commercial rooftop mounting system earlier this month. It also acquired direct marketing firm Paramount Solar.
Investment firm Blackstone acquired Vivint solar’s parent company Vivint, for in excess of US$2 billion in late 2012.
Vivint is expected to start trading on the New York Stock Exchange on Wednesday under the symbol VSLR.
