Sunrun Inc., a developer of rooftop solar systems, is planning an initial public offering (IPO) on the Nasdaq.
The San Francisco-based company is seeking to raise as much as $100 million, according to a filing Thursday with the Securities & Exchange Commission, a placeholder amount that may change. Sunrun will trade under the symbol RUN.
Sunrun is following rivals SolarCity Corp., which has surged more than sevenfold since its December 2012 IPO, and Vivint Solar Inc., which has slumped 17 percent since it went public in September. While rooftop power plants are the fastest-growing part of the U.S. solar market, the companies are facing pressure from local utilities that view them as a threat although there is not widespread agreement on that.
Credit Suisse Group AG, Goldman Sachs Group Inc. and Morgan Stanley will lead the offering, joined by Bank of America Corp., Royal Bank of Canada, KeyCorp and SunTrust Banks Inc.
The company last year reported a net loss of $76 million on revenue of $199 million, according to the filing. That’s wider than its $4.3 million-loss in 2013 on sales of $55 million.
Chief Executive Officer Lynn Jurich said in September that she expects installations in 2015 to double for the second straight year.
Lead image: IPO. Credit: Shutterstock.
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