SolarCity going for an IPO

SolarCity filed to go public Monday.

SolarCity filed to go public Monday.

SolarCity, the fast-growing San Mateo-based solar installer, said Monday that it has filed documents with the SEC for an initial public offering.

SolarCity said "The offering is expected to commence after the SEC completes the review process initiated by SolarCity’s confidential submission on Thursday April 26, 2012 of its draft registration statement." The company said it wouldn't comment further on the offering.

Bloomberg reported in February that the company may be seeking a $1.5 billion valuation. Elon Musk, the CEO and Chairman of electric car pioneer Tesla Motors, is the Chairman of SolarCity. Musk's first cousins, brothers Lyndon and Peter Rive, are CEO and COO of SolarCity.

SolarCity raised $81 million from investors in March including Silver Lake Kraftwerk, Valor Equity Partners and DBL Investors.

Lyndon Rive, 35, and his brother Peter have grown the company since 2006 from a two-man startup to more than 1,000 employees. In 2011, SolarCity hired at a rate of more than one worker per day.

Read more in the San Francisco Business Times.

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