Beijing Jingyuntong Technology will raise 2.52 billion yuan ($395 million) from an initial public offering in Shanghai after setting the price at over 50 times its historic earnings.

The IPO size was nearly three times Jingyuntong's initial target of about 900 million yuan.

Jingyuntong will sell up to 60 million shares at 42 yuan a share, at the top of an indicative range, the company said in a statement to the Shanghai Stock Exchange late on Tuesday.

The offer price valued the company at 53.47 times 2010 earnings, it added.

The Chinese photovoltaic equipment maker and rivals such as Shenzhen-listed Zhejiang Jinggong Science and Technology Co Ltd and Jiangsu Huasheng Tianlong Photoelectric Co Ltd are beneficiaries of China's drive to develop its solar power sector.

The money raised will be used to finance the first phase development of a silicon industrial park in Beijing, according to its IPO prospectus.

Citic Securities is the underwriter of the IPO. ($1 = 6.381 yuan)