June 12, 2008 / 6:04 AM / 11 years ago

Solar firm Sinosol aims to raise $122.9 mln in IPO

MUNICH, June 12 (Reuters) - Chinese-German solar system provider Sinosol aims to raise up to 79.2 million euros ($122.9 million) in an initial public offering (IPO) in June to finance further growth and expansion, the company said on Thursday.

Sinosol, which supplies photovoltaic systems and develops and maintains solar parks, plans to sell up to 5.3 million shares, of which 4.1 million derive from a capital increase.

Sinosol is offering the shares for 11 to 15 euros each until June 24. The first day of trading is scheduled for June 25.

“With the proceeds from the IPO we particularly want to further grow internationally in the area of development, planning and realisation of solar parks and we want to take advantage of today’s positive market opportunities,” said Sinosol Chief Financial Officer Raphael Krause in a statement.

Sinosol buys solar modules from suppliers in China and assembles them into solar systems, which it then uses to set up solar parks, for example in Spain.

It made pretax earnings of 2.2 million euros in the first half of fiscal year 2007/08 on sales of 35.6 million euros.

European solar companies, supported by government subsidies especially in Germany, enjoyed skyrocketing share prices until early this year but now face subsidy cuts as well as increasing competition from China.

Sinosol aims for a listing in Deutsche Boerse’s (DB1Gn.DE) Prime Standard segment. It would be the first this year as jittery markets have deterred many companies from going public.

On Tuesday, German retail business software maker GK Software AG cancelled its IPO plans, which could have raised about 17 million euros.

Sinosol’s IPO is lead managed by UniCredit (CRDI.MI), with Sueddeutsche Aktienbank AG as co-lead managing bank. (Reporting by Eva Kuehnen; Editing by David Cowell)

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