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Elon Musk's SolarCity sets terms for $141 million IPO
By: Renaissance Capital
SolarCity, which leases and installs solar energy systems for
homes and businesses, announced terms for its IPO on Tuesday. The
San Mateo, CA-based company plans to raise $141 million by
offering 10.1 million shares (1% insider) at a price range of $13
to $15. At the midpoint of the proposed range, SolarCity would
command a fully diluted market value of $1.2 billion.
SolarCity, which was founded in 2006 and booked $111 million in sales for the 12 months ended 6/30/2012, plans to list on the NASDAQ under the symbol SCTY. Goldman Sachs, Credit Suisse and BofA Merrill Lynch are the joint bookrunners on the deal.