SolarCity Corp. expanded the size of its highly anticipated initial public offering but knocked down the share price in what analysts said was a bid to boost investor demand.
The San Mateo company said in a Wednesday filing with the Securities and Exchange Commission that it plans to sell 11.4 million shares at $8 apiece. That values the company, which is one of the country’s largest providers and installers of residential and commercial solar power generating systems, at about $584.6 million.
Earlier, SolarCity had pegged its valuation at roughly $1 billion, expecting to sell 10.1 million shares at $13 to $15 each. The company is known for the financing options it gives customers, including a lease program designed to limit upfront costs for homeowners.So, we'll see.
$90 million vs $150 million. Whatever.
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