Dec 12 SolarCity Corp, a venture backed by technology entrepreneur Elon Musk, said it expects to sell 11.5 million shares at $8 per share, a day after an underwriter said the company had postponed its planned initial public offering.
The San Mateo, California-based company had intended to sell 10.1 million shares at a price underwriters hoped to set between $13 and $15.
At the current intended IPO price, the solar panel company will be valued at about $585 million, almost half its earlier valuation of roughly $1 billion.
The company said in a filing that it would sell 11.4 million shares, while existing stockholders will sell about 65,000 shares. ()
The clean technology sector has suffered some recent high-profile flameouts with the bankruptcies of solar company Solyndra and battery maker A123 Systems.
SolarCity was promoted as the most promising alternative energy IPO candidate since the debut of Musk's electric car company, Tesla Motors Inc, in 2010.
Google Inc and U.S. Bancorp have helped finance some SolarCity projects, but investors said that determining an IPO price was challenging because there are few publicly traded direct competitors with which to compare it.
Underwriters picked for the IPO include Goldman Sachs, Credit Suisse, and Bank of America Merrill Lynch.