Please note: This story has been updated for live coverage. We have also added in a chart to show how the trends went.
Vivint had planned to offer 20.6 million shares at a price range of $16 to $18 each, according to SEC filings. The shares officially priced at $16. The company can offer an additional 3.09 million share for overallotments from its underwriters if the option is exercised.
The lead book-running managers are Goldman Sachs, Bank of America Merrill Lynch and Credit Suisse. Other book-running managers were Citigroup, Morgan Stanley, Deutsche Bank and Barclays. Blackstone Capital Markets is acting as a co-manager for the offering.
Shares of Vivint opened at $17.01 and moved as high as $18.71 in the first hour of trading and as low as $16.02.
Update for 4:00 p.m. Closing Bell: The market sell-off did no favors for Vivint shareholders. Despite the last two and a half hours generating only about 3.5 million shares of the entire 24.5 million shares traded for the day, Vivint shares slid lower and closed down at $16.01 on the lows of the trading day with 24.58 million shares. The trading range for the day was $16.01 to $18.71. See chart below from Yahoo! Finance.
Update 1:25 p.m.: Vivint shares are starting to slow down at 21 million. Shares were up to 5.9% to $16.94. The range for the day remains $16.02 to $18.71.
Update 12:30 p.m.: Vivint shares now hit 20 million on the day and shares were up 5.4% at $16.86. The range for the day remains $16.02 to $18.71.
Update 11:30 a.m.: Vivint Solar shares were up 8.4% at $17.35 on right at 18.3 million shares. The range for the day remains $16.02 to $18.71.
At 10:27 a.m. Eastern Time, shares were trading at $16.76. Almost 14 million shares have been traded in this first hour.
ALSO READ: Merrill Lynch’s Key Stock Picks for the Fourth Quarter
Are You Ahead, or Behind on Retirement?
If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention. Many people have worked their whole lives preparing to retire without ever knowing the answer to the most important question: am I ahead, or behind on my goals?
Don’t make the same mistake. It’s an easy question to answer. A quick conversation with a financial advisor can help you unpack your savings, spending, and goals for your money. With Zoe Financial’s free matching tool, you can connect with trusted financial advisors in minutes.
Why wait? Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
