LEHI — Shares of Lehi-based Vivint Solar Inc. opened slightly above its initial public offer price Wednesday, according to market reports.
Vivint Solar, a leader selling home solar energy systems across the country, announced its move to file for an initial public offer Aug. 26. In its first day on the market, shares closed on the New York Stock Exchange at $16.01, a drop from its opening price of $17.01 but still above its IPO price, The Wall Street Journal reported Wednesday.
The 3-year-old company is backed by the Blackstone Group, an investment firm that acquired the business in 2012.
Vivint sold 20.6 million shares Wednesday, a $1.1 billion gain for investors backing the company, Bloomberg reported.
Vivint Solar CEO Greg Butterfield told Fortune that following the company's first day on the market, his focus is long-term.
"I was pleased with the pricing, and we had a great reception with around 400 meetings. People got the story, and were really excited about Vivint Solar. We can't control what's happening in Hong Kong today or what the Fed's doing with rates. We can only focus on our business," Butterfield said.