SolarCity postpones IPO, lowers target
SolarCity has reportedly delayed its IPO.
SolarCity Corp. has reportedly decided the climate isn't right for its stock market debut, two weeks after lowering the amount it planned to raise.
Reuters cited an unnamed underwriter and a market source who said the San Mateo solar panel installer decided to wait but no official explanation was offered.
The IPO was first expected last week and then was thought to be on tap for Tuesday.
But analysts sounded notes of caution about the valuation of the company and the timing of the offering.
The postponement follows decisions by other cleantech companies, including BrightSource Energy, Elevance Renewable Sciences, Genomatica and Fallbrook Technologies, to put off or withdraw IPO plans.
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