Clean distributed energy provider SolarCity Corp. announced the pricing of its initial public offering of 11.5 million shares of common stock at a price of $8.00 per share. Earlier today, the company said in a regulatory filing that it had estimated the initial public offering price of $8.00 per share. The company had initially planned to sell 10.1 million shares between $13 and $15 per share.
The San Mateo, California-based company's common stock is expected to begin trading on The NASDAQ Global Market on December 13, 2012 under the ticker symbol "SCTY."
A total of 11.43 million shares are being offered by SolarCity and 65 thousand shares are being offered by selling stockholders.
Additionally, SolarCity has granted the underwriters a 30-day option to purchase up to 1.725 million additional shares of common stock from SolarCity to cover over-allotments, if any.
Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are acting as the representatives of the underwriters and joint book-running managers for the offering. Needham & Company, LLC and Roth Capital Partners are acting as co-managers.
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