SolarCity’s expected IPO slips off schedule
#SuryaRay #Surya Solar installer SolarCity’s planned IPO appears to be delayed, though its unclear if its just a temporary setback or a longer term postponement according to reports in Reuters and the San Jose Mercury News. The venture-backed startup was planning to price its shares on Tuesday night and make its debut on Wednesday morning.
That has yet to happen. SolarCity didn’t respond to requests for comment.
While it’s unclear why SolarCity delayed pricing and going public tomorrow, it could be because it wasn’t able to price its shares in the expected range of $13 to $15 that it wanted. The Mercury reports that SolarCity is “likely to reduce the price of shares below its original range.”
A report in MarketWatch this afternoon said that SolarCity was “facing headwinds” as it prepared to price in its targeted range. Discussions are around $10 per share among underwriters, says MarketWatch. An underwriter quoted in a DowJones VentureWire report says that SolarCity could try to price its shares on Wednesday.
If the delay is long, and the price per share is significantly lower than its range, the news would be a bummer for solar and cleantech stock watchers. The long planned IPO is seen as a bellwether for how Wall Street feels about clean energy and cleantech prospects.