(Reuters) - SolarCity Corp, the top U.S. installer of residential solar systems, raised $92 million in its initial public offering after pricing shares at $8 each, according to a market source.
The company, backed by technology entrepreneur Elon Musk, sold 11.5 million shares after lowering its expected IPO price earlier Wednesday, a day after an underwriter said the deal had been postponed.
The San Mateo, California-based company had initially planned to sell 10.1 million shares between $13 and $15 per share.
At the IPO price, the company has a market valuation of about $584.6 million.
SolarCity is among Silicon Valley’s hottest clean technology companies, and its IPO has been widely anticipated in venture capital and solar energy circles.
The company has benefited from its business model that allows customers to lease solar panels by paying a monthly fee and avoiding the high costs of an outright purchase.
Its revenue has more than quadrupled in the last five years and it reported a net loss of $80 million on revenue of $103.4 million for the nine months ending September 30, according to a regulatory filing.
The company’s shares are expected to begin trading on Thursday on the Nasdaq under the symbol “SCTY”.
Underwriters for the IPO include Goldman Sachs, Credit Suisse and Bank of America Merrill Lynch.
Reporting by Aman Shah in Bangalore; Editing by Maju Samuel