Trony Solar IPO shelved indefinitely: underwriter

By @ibtimes on

NEW YORK - Chinese thin film solar company Trony Solar Holdings Co Ltd has postponed its initial public offering indefinitely, an underwriter said on Thursday.

The Shenzhen-based company had expected shares to sell for between $9 and $11 apiece, according to its most recent prospectus. There is no new timetable for the launch. The shares were to have traded on the New York Stock Exchange under the ticker symbol TRO.

Solar companies have posted mixed financial results over the past year, squeezed by a tight credit market and a sharp decline in prices for solar modules. But analysts expect a stronger 2010 and are closely watching China-based companies that can manufacture and sell panels at lower costs.

Trony Solar reported revenue of 254.6 million yuan ($37.3 million) for the three months that ended September 30, up 44.8 percent from a year before, and net profit of 72.5 million yuan, up 61.5 percent.

Trony Solar said in a regulatory filing that the company planned to sell 15 million American Depositary Shares and shareholders would sell an additional 4.5 million shares, for a total of 19.5 million shares.

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

The offering is being led by J.P. Morgan and Credit Suisse.

(Reporting by Clare Baldwin and Steve Eder, editing by Gerald E. McCormick)

Join the Discussion