NEW YORK — SolarCity Corp., the developer of rooftop solar power systems whose chairman is Elon Musk, filed to raise more than $200 million in an initial public offering.
Goldman Sachs, Credit Suisse Group and Bank of America are leading the offering for the San Mateo, California-based company, according to a regulatory filing Friday. The $201.3 million amount the company filed to raise is a placeholder used to calculate fees and may change. SolarCity plans to list on the Nasdaq Stock Market under the symbol SCTY.
The IPO may value the company at more than $1.5 billion, a person with knowledge of the matter said earlier this year.
Musk, also chairman of Tesla Motors Inc., holds almost one- third of SolarCity’s shares, according to the filing. The company sells power to customers in 14 states, including Wal-Mart Stores Inc. and Intel Corp., and plans to expand internationally, the filing shows.
— From wire reports