SolarCity, a provider of solar energy system installation and designs, has raised $92m in its initial public offering. The company priced around 11.5 million shares at $8 per share, for an initial market cap of around $584m. Investment bank Goldman Sachs, Switzerland-based bank Credit Suisse and financial services firm BoA Merrill Lynch served as co-lead underwriters.
According to a filing earlier this month SolarCity had hoped to raise $151m by selling just over 10 million shares at $13-$15 each.
Last year, in partnership with SolarCity, search engine provider Google committed $280m to a fund to help people lease solar panels for their homes and separately let its corporate venturing unit see prospective employees for portfolio companies.
Founded in 2006, SolarCity has raised over $210m in funding from venture capital firms Draper Fisher Jurvetson (26.3% pre-IPO stake), Generation Investment Management (7.5%), DBL Investors (7.4%), Silver Lake Kraftwerk, Valor Equity Partners, Nicholas Pritzker, Shea Ventures, Elon Musk and Mayfield Fund.
In February last year SolarCity acquired peer GroSolar’s residential services division from a consortium including Allco Financial Group, a financial services business in liquidation.