Solarcity seeks $151m in first solar installer IPO.

San Mateo Mercury News: SolarCity, one of the USA’s leading rooftop solar installers, is seeking as much as $151 million in an initial public offering on Nasdaq, according to a Tuesday regulatory filing with the SEC. The company would raise $141 million and have a market value of $1.2 billion. Its IPO would be the first for a solar installer. The company has installed solar systems on nearly 45,000 buildings in 14 states, and intends to expand internationally. It has 20,000 employees, and reported a $73.71 million net loss in 2011. Some analysts warn that the solar industry’s turmoil will continue, and question the wisdom of an IPO at this time.  SolarCity’s regulatory filing includes red flags for potential investors, however. It is being investigated by both the Treasury Department and the IRS for possibly overstating the market value of solar panels when claiming cash grants.
JL thought: This is boldness personified. If they fail, it will deepen the current negative investor sentiment about solar, notwithstanding all the growth prospects. If they succeed, others will be rushing to join them.