Sunrun, the second-largest residential solar company in the US, announced terms for its IPO on Wednesday.
The San Francisco, CA-based company plans to raise $251 million by offering 17.9 million shares (2% insider) at a price range of $13 to $15. At the midpoint of the proposed range, Sunrun would command a fully diluted market value of $1.5 billion.
Sunrun, which was founded in 2007 and booked $218 million in sales for the 12 months ended March 31, 2015, plans to list on the Nasdaq under the symbol RUN. Credit Suisse, Goldman Sachs, Morgan Stanley, BofA Merrill Lynch and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2015.
