Aug 26 Blackstone Group LP-backed solar-energy
provider Vivint Solar Inc filed with U.S. regulators on Tuesday
for an initial public offering of common stock.
Blackstone bought Vivint Solar's parent, Vivint Inc, in 2012
for more than $2 billion. Vivint provides home security and
solar energy services.
Reuters reported earlier this month that Vivint was working
with a group of banks on a planned offering and had
confidentially filed for an IPO of its solar business.
Provo, Utah based-Vivint Solar was launched in 2011 and has
become the second-largest installer of residential solar panels
in the United States, after SolarCity Corp.
The U.S. solar market has grown at a fast pace in recent
years, helped by state and federal incentives and falling prices
for solar panels.
The U.S. residential solar energy market is expected to grow
at a compound annual growth rate of 28 percent, to about 1,713
megawatts of capacity in 2017, according to research firm GTM
Research and the Solar Energy Industries Association (SEIA).
Vivint Solar listed Goldman Sachs, Merrill Lynch, Pierce,
Fenner & Smith and Credit Suisse as the lead underwriters to the
The company intends to list on the New York Stock Exchange
under the symbol "VSLR" and said it expects to use the proceeds
from the IPO for debt repayment, investments and general
The filing included a nominal fundraising target of about
$200 million, but did not reveal how many shares Vivint Solar
planned to sell or their expected price.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting By Neha Dimri in Bangalore; Editing by Simon