Trony Solar Files For IPO Of Up To $200 Mln
Date: 02-Nov-09
Country: US
Author: Laura Isensee
LOS ANGELES - Chinese thin film solar company Trony Solar plans to raise up to $200 million in an initial public offering, the company said in a regulatory filing on Friday, a move that could add to the crowded ranks of solar companies on major U.S. stock exchanges.
The company has applied to list its American Depositary Shares on the New York Stock Exchange under the symbol "TRO," according to the filing with the U.S. Securities and Exchange Commission.
The underwriters for the IPO include J.P. Morgan Securities Inc, Credit Suisse Securities, Oppenheimer & Co Inc and CLSA Asia-Pacific Markets, the company said in the filing.
In October, STR Holdings Inc set terms for what is likely to become the first U.S.-listed IPO offering by a solar company in more than a year.
Trony Solar said in the filing that it had an annual manufacturing capacity of 115 megawatts at the end of August.
The company, established in 1993, started making thin film batteries in 1995. In 2006, the company started making solar panels for off-grid systems on a commercial scale.