Debrief: The SolarCity IPO

SolarCity's share price jumped after its initial public offering Thursday.

SolarCity's share price jumped after its initial public offering Thursday. 

Debuting at $8-a-share, SolarCity Corp.'s stock price jumped 47 percent on its first day of trading - besting the first-day-performance of any Bay Area cleantech IPO in the last five years, according to research by the San Francisco Business Times' research.

SolarCity's surge was enough to even beat all-electric car maker Tesla Motors' successful IPO, which jumped 41 percent on its first day of trading to $23.89 on June 29 of 2010. Tesla Motors Inc., whose Chairman Elon Musk is also SolarCity's Chairman, is still the best-performing Bay Area cleantech IPO in recent times. Even with a dip in its stock price today, Tesla was trading at $33.56 when markets closed, or 97 percent above its debut price of $17.

Other cleantech IPOs have been less successful for Bay Area companies. Codexis and Amyris Biotechnologies inched up 2 percent and 3 percent respectively on their first day of trading in 2010. And, as of the close of markets today, their stock prices today are now both 82 percent below their debut prices.

Petaluma-based solar component maker Enphase Energy Inc. which enjoyed a good first day when it went public in March of this year, surging 22 percent to $7.34, is now down 51 percent to $2.95. The drop ranks it among the worst-performing IPOs of the year nationally.

South San Francisco-based Solazyme Inc., a 2011 IPOer, is down 55 percent from its debut price, while the company that claims the Bay Area's first cleantech public offering, Energy Recovery Inc., is trading at 82 percent below its debut price.

From the San Francisco Business Times.


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