Another solar leaser is moving towards becoming a publically listed company. Sunrun will join SolarCity as a public company, having filed the legal documents required for the move yesterday.
The filing reveals that Sunrun hopes to raise US$100 million in the initial listing, however Fortune notes that this is likely only a placeholder figure that will be changed at a later date.
Sunrun says that it intends to list its stock under the ticker RUN on the NASDAQ Stock Market. Sunrun sets out its partners in administrating the IPO as follows:
Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. LLC will act as lead book-running managers for the proposed offering. BofA Merrill Lynch and RBC Capital Markets, LLC will also act as book-running managers and KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc. will act as co-managers.
In providing analysis on the move, Fortune noted that Sunrun has raised $265 million in venture capital funding from at least five funds. With a burn rate of around $50 million in Q2 2015 and only $105 million in cash currently on its books, Fortune notes that the IPO needs to be completed by the end of Q3, unless alternative funding is found.
Fortune compared Sunrun to its leasing rivals SolarCity and Vivint the follow way:
REVENUE
Sunrun: $198 million
SolarCity: $163 million (19.1% growth
Vivint Solar: $25 million (309% growth)
NET INCOME
Sunrun: -$162.5 million
SolarCity: -$55.8 million
Vivint Solar: -$28.88 million
SolarCity has a current market cap of around $5.48 billion, while Vivint is valued at around $1.47 billion.
Reuters notes that SolarCitys shares have increased in value seven-fold since listing in 2012. The money raised through IPO has allowed SolarCity continue its rapid expansion and make a bold move into manufacturing with its Silevo GW-scale fab, currently under construction.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
Jonathan Gifford
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.