Vivint Solar saw a muted beginning to trading on the New York Stock Exchange on Wednesday, amid larger concerns about global financial markets spurred by ongoing demonstrations in Hong Kong's financial district.
The company offered 20.6 million shares of stock at a price of $16 per share, the low end of a $16-18 estimate provided nine days prior. This netted Vivint Solar an estimated $309 million after the underwriters discount, and an additional 3.09 million shares were available in the event of over-allotment.
On Thursday morning the stock was trading at $16 per share around 11 AM, following a peak of $18.71 per share the day prior. However, during this time the S&P 500 has fallen 2%, as occupation of Hong Kong's financial district by protesters continues.
Popular content
Vivint Solar CEO Greg Butterfield has said that he was pleased with the launch, but noted that larger factors were at play. We can't control what's happening in Hong Kong today or what the Fed's doing with rates, Butterfield told Fortune Magazine. We can only focus on our business.
Vivint Solar is the second-largest residential PV installer in the United States, and growing rapidly. The company's residential market share grew from 8% in the first quarter of 2014 to 15% in the second, according to GTM Research's U.S. PV Leaderboard.
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
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.