Musk’s SolarCity Raises $92 Million in Initial Share Sale
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SolarCity Corp., the solar power provider led by billionaire Elon Musk, raised $92 million in its initial public offering, 39 percent less than initially sought after selling the shares at a reduced price.
The San Mateo, California-based company sold 11.5 million shares, equivalent to a 16 percent stake, for $8 each, according to a statement yesterday. SolarCity lowered the price before the offering to $8 from an original range of $13 to $15 and increased the number of shares offered from 10.1 million. The IPO price gives the company a market value of about $585 million, about 4.7 times sales in the past 12 months, compared with multiples of less than 1 for publicly traded peers.