Sunrun has made it official, they have filed a statement with the U.S. Securities and Exchange Commission (SEC) for a potential initial public offering (IPO) of their common stock. The San Francisco-based company, which installs and maintains solar panels for residential homes, is looking to take advantage of the current positive attitude of investors towards the U.S. residential solar market.
Sunrun has been in the solar installation and financing business since 2007 and has more than 60,000 customers. They have already been successful in securing private equity financing to the tune of $300 million and had also secured credit facilities with Credit Suisse and Investec PLC of around $495 million.
The company has been planning this IPO for several months. They name a new chief financial officer in March, Bob Komin, who had startup experience as well as working at publicly listed Cincinnati Bell and Convergys Corp. Sunrun’s CEO, Lynn Jurich, hinted at the IPO in a public statement by commenting that Mr. Komin is “well-suited for the next stage of Sunrun’s growth”.
Sunrun is working with Credit Suisse, Goldman Sachs, and Morgan Stanley, as well as some other smaller players, for the offering. The number of shares to be offered and the price range for the offering have not been determined. Sunrun has applied to list its common stock on the NASDAQ Stock Market under the ticker symbol “RUN”.
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.