Sunnova Energy International Inc. was set to pull off one the biggest rooftop solar IPOs in recent history. Earlier this week, the company was estimating its value at almost $1 billion and offering shares for $16 to $18.
Instead, the Houston-based solar panel installer priced at $12 on July 24, and shares were tanking in its trading debut July 25.
To understand how this initial public offering went awry, rewind to July 23. That’s when Sunnova’s chief rival Sunrun Inc. circulated a note suggesting that some metrics Sunnova was sharing with investors may be misleading. In the note, Sunrun said ...
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