Sunnova Energy International, which provides residential solar energy systems and services, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Houston, TX-based company now plans to raise $221 million by offering 17.6 million shares at a price range of $12 to $13. The company had previously filed to offer 17.6 million shares at a range of $16 to $18. At the midpoint of the revised range, Sunnova Energy International will raise 26% less in proceeds than previously anticipated and would command a market value of $1.1 billion.
Sunnova Energy International was founded in 2012 and booked $111 million in sales for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol NOVA. BofA Merrill Lynch, J.P. Morgan, Goldman Sachs and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of July 22, 2019.
