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
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
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.