The financial future for entry-level home automation integrator Vivint got even brighter today when the company’s spinoff Vivint Solar debuted to rousing success on the New York Stock Exchange.
The company has seen shares for its new $330 million spinoff Vivint Solar Inc. (NYSE: VSLR) rise as much as 7 percent in early trading. Shares started at $16 and are well over $17 in early trading. UPDATE: By the end of Oct. 1, almost all the stock uptick had melted away. Vivint Solar ended the day at $16.06/share, up just 6 cents.
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Both Vivint and Vivint Solar are owned by Blackstone Group LP (BX). According to Bloomberg News, the IPO is aimed at repaying debt owed to Blackstone, which reportedly holds 78 percent of the shares.
Vivint sold to Blackstone for $2 billion back in 2012, along with 2GIG Technologies, which was later sold to Nortek and is now part of the company’s Linear Security Group. Vivint Solar is the second largest installer of solar panels in the U.S.