Solar energy installer Sunnova decreases proposed IPO range to $12 to $13

Sunnova Energy International, which provides residential solar energy systems and services, lowered the proposed deal size for its upcoming IPO on Wednesday.

The Houston, TX-based company now plans to raise $221 million by offering 17.6 million shares at a price range of $12 to $13. The company had previously filed to offer 17.6 million shares at a range of $16 to $18. At the midpoint of the revised range, Sunnova Energy International will raise 26% less in proceeds than previously anticipated and would command a market value of $1.1 billion.

Sunnova Energy International was founded in 2012 and booked $111 million in sales for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol NOVA. BofA Merrill Lynch, J.P. Morgan, Goldman Sachs and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of July 22, 2019.

The article Solar energy installer Sunnova decreases proposed IPO range to $12 to $13 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's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts 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.

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