SolarCity sees IPO at $13-$15/share

Tue Nov 27, 2012 7:31am EST

Nov 27 (Reuters) - U.S. solar systems installer SolarCity Corp said it expects its initial public offering of 10.07 million shares to be priced at between $13 and $15 apiece.

At the top end of the expected price range, the offering will raise about $151 million.

The company is selling 10 million shares, while selling shareholders will offer 65,012 shares in the offering, it said in an amended filing with the U.S. Securities and Exchange Commission. ()

SolarCity, which filed for the IPO last month, builds solar arrays for residential and commercial customers and then sells power back to them at rates cheaper than traditional utilities.

The company is being hailed as the alternative energy industry's most promising IPO candidate since electric car company Tesla Motors Inc's 2010 debut.

Companies including Google Inc and U.S. Bancorp have provided funds to finance SolarCity's projects.

SolarCity had postponed the launch of its IPO earlier this month due to superstorm Sandy, Thomson Reuters publication IFR reported.

Reuters reported last week that the company expects to debut in the public markets before the end of the year.

SolarCity was founded in 2006 by brothers Lyndon and Peter Rive, along with their cousin, PayPal co-founder and Tesla Motors Chief Executive Elon Musk.

Goldman Sachs, Credit Suisse and BofA Merrill Lynch are among the underwriters to the offering.

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