SolarCity Planning An IPO
SolarCity Corporation is a company that buys and sells rooftop solar-power systems. SolarCity has filed to raise over $200 million in an initial public offering. The company filed to raise a placeholder amount use for calculating fees and this may change according to a regulatory filing. SolarCity plans to go public on the Nasdaq Stock Market with the symbol SCTY.
SolarCity is filing for an IPO in a time where solar panel manufacturing companies are not doing well financially thus driving down the prices of panels. This could be used as an advantage for SolarCity. SolarCity had $59.6 million in revenues for 2011, which is an 84% increase from one year earlier.
They posted at least 5 consecutive annual losses before that. SolarCity’s IPO would value the company at around $1.5 billion. Elon Musk, the same guy that brought us Tesla Motors, SpaceX, and PayPal, serves as the chairman of SolarCity.
SolarCity was founded in 2006 by Lyndon Rive (CEO) and Peter Rive (CTO). The River brothers are cousins with Musk.@amitchowdhry or on Google+ at +AmitChowdhry