(Bloomberg) — Sunrun Inc., a developer of rooftop solar
systems, is planning an initial public offering 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.
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
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Will Wade, Randall Hackley