Sunrun fixes price of shares for its IPO

Sunrun has priced its IPO of 17,900,000 common stock shares at $14 each. The company is offering 17,482,268 shares, while some stockholders are selling 417,732 of their holdings.

Also, Sunrun and certain selling stockholders have granted underwriters a 30-day option to purchase an aggregate of up to 2,685,000 additional shares of common stock to cover overallotment if any, the company has stated.

Sunrun intends to use proceeds from the IPO to increase its working capital expenditure as part of its overall expansion strategy.

Credit Suisse Securities (USA), Goldman Sachs, and Morgan Stanley are lead book-running managers for the proposed offering. BofA Merrill Lynch and RBC Capital Markets are acting as book-running managers and KeyBanc Capital Markets and SunTrust Robinson Humphrey, are co-managers.

According to the statement, the offering is available only by means of a prospectus.

Sunrun, a residential solar energy provider based in San Francisco, operates in 15 US states. It had recorded $199 million in revenue last year and suffered net loss of $69 million.

In the first quarter of this calendar year, the company posted sale of more than $22 million, which was an increase of 21 percent over the same period last year.

Ajith Kumar S

editor@greentechlead.com