Elon Musk's SolarCity (SCTY) IPO Opens Higher

The IPO for billionaire Elon Musk's SolarCity (NASDAQ: SCTY) opened for trading at $9.25 after pricing 11,500,000 shares $8 per share, after it was recently reduced from a $13-$15 price target range.

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

SolarCity - a national leader in clean energy services - provides homeowners, business and government organizations cleaner, more affordable alternatives to their utility bills. The company makes it simple for customers to lock in lower, long-term rates for clean energy by providing everything from permitting and installation to ongoing monitoring and maintenance.

Elon Musk, of Tesla (Nasdaq: TSLA) and SpaceX fame, is the founder and Chairman of SolarCity. Prior to SpaceX and Tesla, Elon co-founded PayPal.

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