Rooftop solar panel installer SolarCity announced that it confidentially submitted a draft registration statement with the SEC last Thursday and plans to conduct a registered IPO. The startup has raised over $243 million in venture financing, most recently snagging a $66 million round led by Silver Lake Kraftwerk and Valor Equity Partners. Elon Musk is also an investor and so is SolarCity's board chairman. Solar-centric IPO plans went slightly awry these last couple months, leaving many curious to see how SolarCity will fare. BrightSource canceled IPO plans a few weeks ago, while Enphase Energy sold almost 9 million shares at $6 apiece, but that was after initially setting its expected share price range at between $10 and $12.
There are now 44 VC-backed companies in IPO registration, according to the PitchBook Platform. As can be expected, the IT industry accounts for the biggest slice of pie, with 18 companies currently registered (41%) and the IPO buzz centered on Facebook. Also notable are the four companies in the Energy industry waiting to make their public debut—Glori Energy, Coskata, Mascoma and now SolarCity—all cleantech or biotech-related. While SolarCity has yet to release any offering amounts, the other three energy startups are looking to raise a combined $315 million.
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