SolarCity, which leases and installs solar energy systems for homes and businesses, lowered the proposed deal size for its upcoming IPO on Wednesday. The San Mateo, CA-based company now plans to raise $92 million by offering 11.5 million shares (1% insider) at $8. The company had previously filed to offer 10.1 million shares at a range of $13 to $15. At the midpoint of the revised range, SolarCity will raise -35% less proceeds than previously anticipated. SolarCity, which was founded in 2006 and booked $124 million in sales for the 12 months ended 9/30/2012, plans to list on the NASDAQ under the symbol SCTY. Goldman Sachs, Credit Suisse, BofA Merrill Lynch are the joint bookrunners on the deal.
