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First Day of Solar City IPO going well

Thursday, December 13, 2012 21:31

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From NextBigFuture.com

WSJ – SolarCity's shares opened at $9.25 on the Nasdaq Stock Market NDAQ -0.29% on Thursday, up 16% from their $8 IPO price. The stock continued its climb minutes after its first trade, rising 28% to $10.23 in recent action.

SolarCity, in San Mateo, Calif., made it to market after pushing back its debut by a day and cutting its share-price target. The firm sold 11.5 million shares at $8, well under an initial $13-to-$15 range outlined in filings with the Securities and Exchange Commission. In total, the $92 million deal brought in 40% less than the most-optimistic numbers provided in the company's prospectus.

Elon Musk owns 31.9% of Solar City and reportedly did not sell any shares in the IPO. Elon stake in Solar City is now worth about $400 million.
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