Green energy company SolarCity has just announced share prices for its upcoming IPO; at between $13 and $15 per share, the initial public offering should raise approximately $151 million for the company.
In an SEC filing, SolarCity said it would release 10 million shares in the offering, and shareholders would sell around 65,000 shares total.
Shares will debut on the NASDAQ under the ticker symbol SCTY. Underwriters for the deal include Goldman Sachs, Credit Suisse, Bank of America, Merrill Lynch, Needham & Company, and Roth Capital Partners.
Back in October, the company announced its IPO plans; at that time, SolarCity aimed to raise in excess of $200 million in the deal.
SolarCity is not a manufacturer of solar panels; rather, its business is based on financing and leasing rooftop solar panels for residential, government, and commercial use. Current clients include such entities as Stanford University, Walmart, Ebay, the U.S. Armed Forces, the Department of Homeland Security, and Intel.
Risks for the business include changing regulations and subsidies around utilities in general and green energy in particular, a beleaguered but important value of the current presidential administration’s platform. Also, the government has served SolarCity with a subpoena over some U.S. Treasury grants that were part of a solar panel program.
Prior to the IPO, SolarCity has raised a total of $455 million in venture capital from the likes of Draper Fisher Jurvetson, Pacific Gas & Electric (PG&E), and tech luminary Elon Musk.