Solar City, the San Mateo-based solar panel installation company chaired by multi-industry entrepreneur Elon Musk, on Wednesday filed its S-1 paperwork for an initial public offering (IPO) on the NASDAQ exchange with the Securities and Exchange Commission, pricing its shares at $8, less than the $13-$18 analysts had expected, but increasing the number of shares from 10 to 11 million, as the Silicon Valley Business Journal reported.
That leaves Solar City with an estimated $92 million it will raise in the IPO once the shares begin trading — no date has been set, but it could happen as early as this week — less than half of what the company planned, according to the Silicon Valley Business Journal. The filing came after reports that Solar City would delay its IPO due to investor disinterest in the higher price per share values.
Still, Musk himself is on the hook to purchase $15 million in stock, according to the filing.
