Market Overview

Sunnova Energy IPO: What You Need To Know

Sunnova Energy IPO: What You Need To Know

A service provider that facilitates the usage of cheaply available solar energy – a non-conventional source of energy – by customers is planning to offer its shares to the public.

The IPO Terms

Houston, Texas-based Sunnova has filed with the SEC regarding a 17.65-million share initial public offering, or IPO, with the shares expected to be priced between $16 and $18, according to an amended prospectus filed Friday.

At the midpoint of the estimated price range, the offering would bring in gross proceeds of $300.05 million.

The company's shares have been approved for listing on the NYSE under the ticker symbol NOVA.

Bank of America Merrill Lynch, JPMorgan, Goldman Sachs, KeyBanc Capital Markets, Credit Suisse, Baird and Roth Capital Partners are the underwriters for the offering.

The Company

Founded in Jan. 2013, Sunnova is a residential solar and energy storage service provider serving over 63,000 customers across over 20 U.S. states and territories, while it operates through more than 75 dealers.

The market opportunity for the company is large, as the number of residential solar energy systems in the U.S. is expected to increase at a CAGR of 16% from about 2.2 million in 2018 to an estimated 5.4 million in 2024.

The Finances

Sunnova reported revenues of $104.38 million for the fiscal year 2018, up from $76.86 million a year-ago. For the three months ended March 2019, revenues climbed 35 percent year-over-year to $26.72 million.

The net loss for 2018 narrowed from $91.09 million to $74.25 million. The quarterly loss for the three months ended March, however, widened from $14.21 million to $38.51 million.

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