Credit: Shutterstock photoSunrun, the second-largest residential solar company in the US, announced terms for its IPO on Wednesday.
The San Francisco, CA-based company plans to raise $251 million by offering 17.9 million shares (2% insider) at a price range of $13 to $15. At the midpoint of the proposed range, Sunrun would command a fully diluted market value of $1.5 billion.
Sunrun, which was founded in 2007 and booked $218 million in sales for the 12 months ended March 31, 2015, plans to list on the Nasdaq under the symbol RUN. Credit Suisse, Goldman Sachs, Morgan Stanley, BofA Merrill Lynch and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2015.
The article RUN by the sun: Sunrun sets terms for $251 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
