Sunrun Inc. has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) in regards to its initial public offering (IPO). The company set its expected price range at $13 to $15 for a total of 20.585 million shares, which includes an overallotment option. The total offering at the maximum price is valued at $308.78 million. The company plans to list on the Nasdaq Global Select Market under the symbol RUN.
Source: Thinkstock
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.
ALSO READ: Why the Vivint Solar Buyout Is the Strongest Solar Endorsement Yet
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
