Sunrun Inc. (NASDAQ: RUN) entered the market Wednesday morning after setting its price at $14. Unfortunately the stock entered at $13.06, at the low end of its expected price range of $13 to $15. At the set price, the total offering of 20.585 million shares, including the overallotment option, is valued up to $288.2 million.

The underwriters for the offering are Credit Suisse, Goldman Sachs, Morgan Stanley, Merrill Lynch, RBC, KeyBanc and SunTrust Robinson Humphrey.

This company provides clean, solar energy to homeowners at a discount to traditional utility energy. Sunrun’s scalable operating platform provides it with a few advantages. First, it is able to drive distribution by marketing its solar service offerings through multiple channels, including a diverse partner network and direct-to-consumer operations. This multi-channel model supports broad sales and installation capabilities. Secondly, Sunrun is able to provide differentiated solutions to customers that it believes will drive meaningful margin advantages over the long term.

In the filing, Sunrun said:

As of March 31, 2015, we operated the second largest fleet of residential solar energy systems in the United States, with approximately 79,000 customers across 13 states. We have deployed an aggregate of 430 megawatts (MW) as of March 31, 2015. As of March 31, 2015, our estimated nominal contracted payments remaining was approximately $1.7 billion, and our estimated retained value was $1.1 billion. In addition, we also have a long track record of attracting low-cost capital from diverse sources, including tax equity and debt investors. As of March 31, 2015, we have raised 20 tax equity investment funds to finance the previous and future installation of solar energy systems with an estimated value of $3.1 billion.

The company intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures.

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Shares of Sunrun were down 21% at $11.06 Wednesday afternoon, despite pricing at $14.00 and opening at $13.06. The range on the day is $10.96 to $13.31 as of 1:00 p.m. Eastern. Also over 10.5 million shares had moved on the day at that time.

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