This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Vivint Solar Prepares to Light Up $200M Share Sale

Stocks in this article: BXSCTY

NEW YORK (The Deal) -- Vivint Solar, the Provo, Utah-based solar-energy provider majority-owned by the Blackstone Group (BX) will raise $200 million in an initial public offering, the company revealed late Tuesday in an S-1 filing.

Vivint Solar is separate from Vivint Inc., the home automation and security company that Blackstone acquired in a 2012 $2 billion deal; a person familiar with the deal declined to specify when the spin-out took place, saying only that the two were "sister companies" and separate at the time of Blackstone's investment.

Read More: 10 Stocks George Soros Is Buying

Vivint Solar will list on the New York Stock Exchange under the ticker symbol VSLR. Vivint Solar is following its biggest competitor, Solar City (SCTY) into the public markets; Solar City debuted in late 2012, and its shares have risen by nearly 500% since.

Vivint Solar is led by CEO and president Greg Butterfield, who was installed in that role in 2013 after Blackstone's 2012 buyout. Before Butterfield, Vivint Solar was led by both ex-Vivint executive Tanguy Serra, as well as Todd Pedersen, who remains as CEO of Vivint Inc.

Vivint Solar has undergone a number of C-suite transitions under Blackstone's ownership. Before Butterfield assumed the CEO role, Serra, who was the company's CFO, held the Vivint Solar CEO position briefly in 2013, only to step down a few months later. There is no explanation online from Vivint regarding Pedersen's departure, or Serra's installation as the CEO.

Vivint Solar's federal filing states Serra held the CEO role from late January 2013 until April 1, 2013.

Pedersen is still listed in the federal filing as a director with the company. Serra has since decamped to Vivint Solar's biggest solar panel installing competitor, Solar City, where he became COO earlier this year.

Read More: It's No Coincidence -- Stocks and Car Sales Are Both Frothy

Vivint Solar did not respond to a request for comment.

According to the filing submitted to the Securities and Exchange Commission, Vivint Solar lost more than $75 million on revenue of about $10 million for the first six months of 2014. That does mark an improvement, however, as the company lost $22.7 million in the first six months of 2013.

For More Information About TheDeal, Click Here

The company posted a net loss of about $56.5 million for 2013, and it lost $3.3 million for 2012, the filing stated.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs