Elon Musk-backed SolarCity shines: IPO leaps 47%

Matt Krantz, USA TODAY | USATODAY

Shares of SolarCity, the solar energy company backed by entrepreneur Elon Musk, jumped nearly 50% on their first day of trading Thursday.

The stock soared 47% above its $8 IPO price to close at $11.79.

The company, which sets up financing for individuals and companies to install solar equipment, raised $92 million from its IPO — it sold 11.5 million shares at the $8 IPO price. That was a bit of a downgrade from the 10.1 million shares it expected to sell for between $13 and $15 a share.

But investors grabbed the shares as they became available for trading Thursday. The stock trades on the Nasdaq stock exchange with the ticker symbol SCTY.

SolarCity is just the latest company for Musk to bring public. His electric car company, Tesla Motors, on June 28, 2010 raised $226 million by selling 13.3 million shares at $17 a share. Shares of that company now trade for $35.05.

Musk is also founder of SpaceX, the aerospace company that is launching low-cost rockets into space, seen as a economical alternative to the pricey near-orbit systems previously operated by the U.S. government.

SpaceX has not yet gone public, but in a Tweet Wednesday Musk hinted that an IPO might be something he'd consider.