Thu Sep 18, 2014 6:54am EDT
Sept 18 (Reuters) - Vivint Solar Inc, a residential solar panel installer backed by Blackstone Group LP, is expected to raise up to $371 million in its initial public offering.
The company on Thursday said it expected its IPO to be priced between $16 and $18 per share, valuing it at about $1.9 billion at the top end of the price range. (bit.ly/XmSMIM)
Provo, Utah based-Vivint Solar was launched in 2011 and has become the second-largest installer of residential solar panels in the United States after SolarCity Corp.
Vivint Solar is selling all the 20.6 million shares in the IPO.
Blackstone's stake will be diluted to 75.3 percent from 97 percent after the offering, assuming underwriters exercise their full option to buy additional shares.
Blackstone bought Vivint Solar's parent, Vivint Inc, in 2012 for more than $2 billion.
Vivint also provides home security services.
Goldman Sachs, Merrill Lynch, Pierce, Fenner & Smith and Credit Suisse are lead underwriters to the IPO.
Vivint Solar intends to list on the New York Stock Exchange under the symbol "VSLR".
The company had said in its filings that it expected to use the proceeds from the IPO to repay debt, investments and general corporate purposes. (Reporting By Neha Dimri in Bangalore; Editing by Sriraj Kalluvila)
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