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SolarCity Looks to Raise $151M in First IPO

(San Jose Mercury News)

SolarCity, one of the nation's leading rooftop solar installers, is seeking as much as $151 million in an initial public offering, according to a Tuesday regulatory filing with the SEC.

The company, whose chairman is Tesla Motors (TSLA) CEO Elon Musk, plans to sell roughly 10.1 million shares at $13 to $15 a share, according to the filing. The company plans to list on the Nasdaq exchange under the symbol "SCTY."

The IPO would be the first for a solar installer.

SolarCity does not make solar panels itself, but has moved aggressively to be one of the nation's top installers of residential and commercial systems. The San Mateo company pioneered the concept of a "solar lease," offering homeowners the ability to switch to solar power for no money down.

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