Vivint Solar Prices IPO at $16 per Share, Opens Higher, Aims for SolarCity-Style Ride

greentech solar
September 30, 2014

By Eric Wesoff: Vivint Solar, owned by the Black­stone Group, set its IPO terms to offer 20.6 mil­lion shares at $16 per share. That would give the Pro­vo, Utah-based installer and financier a mar­ket cap of more than $1.5 bil­lion. Gold­man Sachs, BofA Mer­rill Lynch and Cred­it Suisse are serv­ing as lead under­writ­ers. [. . .]

Nan­cy Pfund, man­ag­ing part­ner at DBL Part­ners (an ear­ly investor in SolarCi­ty), notes, “The stock mar­ket will wel­come this IPO, as a grow­ing num­ber of peo­ple want to build solar port­fo­lios, and to do that, they need more high-qual­i­ty names. Solar is still only at 1 per­cent pen­e­tra­tion. We need sev­er­al strong com­pa­nies to trans­form the ener­gy mar­ket from one that is fos­sil-based to one that fits our planet’s need for a low-car­bon future. Just as at the begin­ning of the 20th cen­tu­ry, there emerged hun­dreds of oil com­pa­nies that over the decades turned into the Exxons and Chevrons and BPs of the world, now we are just begin­ning to expe­ri­ence a clean ener­gy ver­sion of this meta­mor­pho­sis. There is ample room for com­pa­nies like SolarCi­ty, Vivint, and oth­ers to thrive as we pass the ener­gy torch from the 20th to the 21st cen­tu­ry.”

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