Rooftop solar installer SolarCity files for IPO
SolarCity Corp., an installer of rooftop solar electric systems, on Friday filed initial paperwork for taking the company public in stock offering that could raise about $200 million.
The company, based in San Mateo, Calif., will trade on the Nasdaq Global Market under the ticker symbol "SCTY." No details on the pricing or the timing of the IPO offered in the preliminary filing.
SolarCity and other installers have benefited in recent months by a plunge in the price of solar panels brought on by a worldwide manufacturing glut. The price plunge has crushed the profits of solar-panel makers, but has made solar electricity more competitive with retail electric rates and helped installers market systems to homeowners and businesses.
By combining federal and state subsidies for renewable energy, SolarCity and others can offer to install solar systems for no upfront payment that will lower customers' overall electricity costs.
Through the first six months of this year SolarCity had net loss of $23 million, according to the filing. The company's revenues grew 250 percent, to $71.4 million from $20.3 million over the same period last year.