Shares in the German solar company ErSol rose dramatically on their first day of trading on the Frankfurt stock exchange, demonstrating investors’ growing interest in the renewable energy sector.
ErSol, a photovoltaic cell manufacturer, saw its shares rise from the issue price of 42 euros to 65 euros ($78), but fell back afterwards due to profit-taking.
By the day of the IPO, ErSol shares were 50 times oversubscribed.
ErSol, which opened its doors in 1997, has annual sales of about 50 million euros. The company issued 3.659 million shares as part of the IPO, pocketing a total 154 million euros in proceeds. The company plans to use the funds for capacity expansion.
Another German maker of solar cells, Q-Cells, is scheduled to go public on October 5. Its shares are being offered to investors in a price range of 35-38 euros.
Loading...