Vivint Solar is set to file an initial public offering.
The company said Tuesday that it had filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed IPO.
Vivint Solar said it had not yet determined the number of common stock shares it would seek to sell nor the price range for the offering. Bloomberg reported on Wednesday that the company had filed for a $200 million IPO, adding however that the stated amount was a "placeholder used to calculate fees and may change."
The move confirmed earlier rumors that parent company Vivint Inc. — part of the Blackstone Group — was planning to spin off its solar business.
Utah-based Vivint Solar, the second-largest U.S. residential solar installer after SolarCity, designs, installs, monitors and services residential PV systems with no upfront costs to homeowners. The company currently operates in Arizona, California, Hawaii, Maryland, Massachusetts, New Jersey and New York. Vivint Solar had a U.S. residential market share of 9% in the first quarter of 2014.
Vivint Solar has tapped Goldman, Sachs & Co., BofA Merrill Lynch and Credit Suisse Securities (USA) LLC to serve as lead book-runners for the IPO. Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Barclays Capital Inc. will also act as book-running managers.Earlier this month, the firm renewed an inverter agreement with California-based Enphase Energy for three more years.
The company is planning to list its common stock on the New York Stock Exchange under the symbol VSLR.
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