Blackstone Scores $1.1 Billion Gain in Vivint Solar Debut
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Vivint Solar Inc. closed at $16.01 in its first day of trading, giving Blackstone Group LP, the world’s largest alternative asset manager, and other investors a more than $1.1 billion unrealized gain on their two-year-old investment in the solar-panel installer.
Vivint Solar rose less than 1 percent at the close in New York. The company sold 20.6 million shares for $16 apiece yesterday, pricing them at the low end of the marketed range. Some of the proceeds will be used to repay debt, regulatory filings show.