China’s Trony Solar Ready For IPO

Dec 9 2009 | 10:31am ET

The Chinese amorphous silicon solar panel maker Trony Solar is expected to go public on the New York stock Exchange this week, with shares priced between $9 and $11.

Trony plans to offer up to 15 million American depositary shares, plus another 2.9 million shares to its underwriters, according to its Monday filing with the U.S. Securities and Exchange Commission. Trony’s shareholders plan to offer 4.5 million shares.

Assuming a price of $10 per share, the company says it expects to net $134.5 million from its offering, or $161.7 million if the underwriters buy the additional shares.

Trony has raised money from JP Morgan and Intel Capital, the investment arm of the chip giant in Santa Clara, California. Intel invested $20 million in Trony in 2008.

The solar panel maker offers products for off-grid and on-grid systems, as well as for consumer products and street lamps.


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