North Coast Solar Stocks

November 21, 2009

Trony Solar raises IPO target to $241.5 mln

Filed under: TRO — Tags: , , , , , — Jason @ 5:51 pm

Sat Nov 21, 2009 5:51pm EST

* Raises amount of IPO to $241.5 mln from $200 mln

* Selling total of 19.5 mln shares

* Expects shares to price between $9 and $11

NEW YORK, Nov 20 (Reuters) – Chinese thin film solar company Trony Solar Holdings Company Limited raised the amount of its initial public offering on Friday, adding to the buzz around the many U.S.-based publicly traded solar companies.

The firm said in a regulatory filing that it would raise as much as $241.5 million in its IPO, up from the $200 million it filed for last month. The Shenzhen-based company said it plans to sell 15 million American depositary shares while shareholders sell an additional 4.5 million shares.

It said in a filing with the U.S. Securities and Exchange Commission it expects the shares to price between $9 and $11.

JPMorgan Special Situations (Mauritius) Limited and Intel Capital Corp, which currently own a combined 11.9 percent of the company, are each selling half of their shares.

The firm reported revenue of 254.6 million yuan ($37.1 million) in the three months ended Sept. 30, up 44.8 percent from a year ago, and net profit of 72.5 million yuan, up 61.5 percent from a year ago.

Trony Solar plans to debut on the New York Stock Exchange under the ticker “TRO.” Lead underwriters for the deal are J.P. Morgan and Credit Suisse. The underwriters may purchase an additional 2.925 million shares.

(Reporting by Clare Baldwin, editing by Matthew Lewis)

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