Sunnova nets $158 million in IPO

Sunnova is now entering its first full week as a public company, after an uneven initial public offering (IPO) last week. According to the New York Stock Exchange, the company raised $168 million in its initial public offering, and a regulatory filing on Friday indicates that the company netted $158 million after underwriting discounts and commissions. This is far below its expectation two weeks ago of bringing in at least $300 million, based on 17.6 million shares and a projected initial price of $16-18 per share. Instead the company sold only 14 million shares at $12 per share. The suddenly lowered expectations could be due to a note that Sunrun published last Tuesday, in which the company states that it believes that Sunnova has “made certain comparisons of its customer economics to Sunrun that may be misleading or inaccurate because the metrics being compared are inconsistent or different.”