PROVO, Utah — Vivint Solar made a confidential filing for an initial public offering (IPO) this week through its parent company Vivint, according to Reuters. The home security and automation company is owned by private equity firm Blackstone Group LP.
Depending on market conditions, the IPO is expected to launch as soon as this fall. Reuters cited unnamed sources within the company who said Vivint is working with a number of banks including Goldman Sachs on the offering.
The sources also said the company has leveraged the Jumpstart Our Business Startups, or JOBS, Act. The act allows companies that take in less than $1 billion in annual revenue to confidentially file for an IPO with the Securities and Exchange Commission.
A potential IPO is aimed at tapping strong investor demand for companies that install solar panels and help consumers finance them, and would follow Vivint Solar’s rapid growth since its launch just three years ago. Vivint Solar began with three sales people in New Jersey and has now grown to more than 2,200 employees in seven states.
Vivint Solar trails only SolarCity in U.S. residential rooftop installations. SolarCity, which was founded by Tesla CEO and entrepreneur Elon Musk, went public in late 2012 at $8 a share, and has since become a darling of clean-energy investors with shares now trading around $70 with a market capitalization nearly $6.5 billion.