Vivint Solar (VSLR) IPO Opens Modestly Higher

Today's IPO for Vivint Solar (NYSE: VSLR) opened for trading at $17.01 after pricing its initial public offering of 20,600,000 shares of common stock at a price to the public of $16 per share, the low end of the expected $16-$18 range. Shares have since moved to $16.60, or up 3.8%

In addition, a selling stockholder affiliated with The Blackstone Group L.P. has granted the underwriters a 30-day option to purchase up to an aggregate of an additional 3,090,000 shares. Vivint Solar will not receive any of the proceeds from the sale of shares by the selling stockholder.

Goldman, Sachs & Co., BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are acting as lead book-running managers for the offering. Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Barclays Capital Inc. are acting as book-running managers and Blackstone Capital Markets is acting as a co-manager.

From inception in May 2011 through June 30, 2014, the company has experienced rapid growth, installing solar energy systems with an aggregate of 129.7 megawatts of capacity at more than 21,900 homes in seven states for an average solar energy system capacity of approximately 5.9 kilowatts.

Vivint Solar is a competitor of SolarCity (NASDAQ: SCTY), one of the hottest stocks in the market.

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