Sunnova IPO price below range, to raise USD 193 million

NYSE. Author: License: José Maria Silveira Neto. Creative Commons, Attribution-ShareAlike 2.0 Generic

July 25 (Renewables Now) - The price per share in the initial public offering (IPO) of Sunnova Energy International Inc, whose shares start trading on the New York Stock Exchange (NYSE) today, has been set below the previously announced price range.

The US residential solar and energy storage service provider said on Wednesday it will sell 14 million common shares at a price of USD 12 apiece. Additionally, it has granted the underwriters a 30-day option to purchase an additional 2.1 million shares at the set price. Total proceeds are now expected to be USD 193.2 million (EUR 173.5m).

Sunnova initiated the IPO on July 12, saying at the time that it would offer 17.65 million common stock shares at a price of between USD 16.00 and USD 18.00 per share, giving the underwriters the right to buy 2.65 million more shares at the same price.

Houston, Texas-based Sunnova started business in January 2013 and currently operates a 455-MW-plus fleet of residential solar systems in the country. It offers solar service agreements in the form of leases, power purchase agreements (PPAs) or loans, with a typical initial term of 25 years

The company's shares will be trading under the ticker symbol "NOVA". BofA Merrill Lynch, JP Morgan, Goldman Sachs & Co LLC and Credit Suisse are the joint book-running managers for the IPO, which is expected to close on July 29.

(USD 1.0 = EUR 0.898)

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