SolarCity, in San Mateo, Calif., made it to market after pushing back its debut by a day and cutting its share-price target. The firm sold 11.5 million shares at $8, well under an initial $13-to-$15 range outlined in filings with the Securities and Exchange Commission. In total, the $92 million deal brought in 40% less than the most-optimistic numbers provided in the company's prospectus.
Elon Musk owns 31.9% of Solar City and reportedly did not sell any shares in the IPO. Elon stake in Solar City is now worth about $400 million.
If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks