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Elon Musk's SolarCity sets terms for $141 million IPO

By: Renaissance Capital
Posted: 11/27/2012 8:06:00 AM
Referenced Stocks: SCTY

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.