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.
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.