Sunrun Inc. one of the most promising solar energy companies is gearing up for its initial public offering by the end of this year, as revealed by sources familiar to the prospects.
Based in San Francisco, the company is mainly engaged in the activity of installing and maintaining solar panels in the household sectors. The company primarily works with banks including the renowned Goldman Sachs Group Inc. and Credit Suisse Group AG on the development of a potential IPO. Sources reveal that the company had already finalized the deal timings; however, they are unable to take a final call on prices yet.
Founded in 2007, Sunrun has showcased exceptional growth chart in the recent years. The company has already pocketed almost US$300 million in private equity from leading investors which includes Foundation Capital, Accel Partners, Sequoia Capital, and Madrone Capital Partners, as told by the spokesperson of the company. As reported by the Wall Street Journal, Sunrun Inc. was valued at US$1.3 billion in March last year.
As told by Sunrun spokesperson, the company raised an impressive US$195 million in terms of credit facilities from Investec PLC. Credit Suisse also financed the company for a project worth US$200 million in 2012, just five years after it came into existence.
Bob Komin was named the new chief financial officer for the company on Monday. He was previously working with other startups, apart from which he also worked with publicly listed company Convergys Corp and Cincinnati Bell Inc. CEO for Sunrun, commenting on the decision of appointing Mr. Komin as CFO said, that the decision was driven by the aim of taking the company to the next stage.