CORRECTED - UPDATE 1-Trony Solar raises IPO target to $241.5 mln

Sat Nov 21, 2009 10:51pm GMT
[-] Text [+]

   * 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
(Corrects 4th paragraph to make clear JPMorgan Special
Situations (Mauritius) Limited and Intel Capital Corp own
combined 11.9 pct of Trony Solar and are each selling half, not
all of shares)
 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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