Vivint Solar Inc. has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms have been released for the offering, which will total at $200 million. The company plans on listing in the New York Stock Exchange under the symbol VSLR when it enters the market.
After the completion of this offering, 313 Acquisition, an affiliate of Blackstone Group L.P. (NYSE: BX), will continue to own a majority of the voting power of all outstanding shares of the common stock.
The underwriters for this offering are Goldman Sachs, Bank of America Merrill Lynch, Credit Suisse, Citigroup, Morgan Stanley, Deutsche Bank and Barclays.
The company describes itself and strategy as:
We offer distributed solar energy — electricity generated by a solar energy system installed at customers’ locations — to residential customers based on 20-year contracts at prices below their current utility rates. Our customers pay little to no money upfront, typically realize savings of 15% to 30% relative to utility generated electricity immediately following system interconnection to the power grid and continue to benefit from guaranteed energy prices over the term of their contracts, insulating them against unpredictable increases in utility rates.
Vivint had approximately 850,000 subscribers at the end of June. Its total revenue was $6.17 million for the successor company in 2013. Revenue rose to $10 million in the first half of 2014 from the previous year’s revenue of $1.9 million.
Since Vivint was created in May 2011, it has experienced rapid growth to the point of becoming the second-largest installer of solar energy systems — approximately 8% market share in 2013 — in the U.S. residential market, according to GTM Research. Vivint operates in seven states, including California and New York.
READ ALSO: Calithera Files for IPO to Fund Cancer Tumor Therapy Projects
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.