SolarCity going public seeking to raise $201.3m

SolarCity Corp. said it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). The distributed solar energy company hopes to raise $201.3m in its proposed initial public offering of its common stock, which was filed on Oct. 5.

The distributed solar energy company said the number of shares to be offered and the price range for the offering have not been determined. SolarCity intends to apply to list its common stock on The NASDAQ Global Market under the ticker symbol “SCTY”.

Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch will act as joint book-running managers for the offering. Needham & Company, LLC and Roth Capital Partners will act as co-managers.

The company said it operates in 14 states and hopes to grow internationally. It is one of several players in the solar lease market in which it requires little or no-money down from residential customers. The statement says that since its founding in 2006, SolarCity has installed, provided services or contracted for more than 33,000 buildings.

The company lost $73.7m in 2011, compared to $47m in 2010. It reported revenue of $59.5m last year, compared to $32.4m in 2010. The losses were attributed to “significant investments in our business infrastructure and personnel to support our growth.”

It has raised $1.57bn from various investors, the filing says.