Trina Solar Ltd. (NYSE: TSL), a solar manufacturer based in China, raised $98.1 million in its NYSE IPO Tuesday with shares rising to $20.28 a share on the first day of trading.
Shares rose 10% from its IPO of $18.50. The company sold 5.3 million American depositary shares at a price above its expected range of $13.50 to $15.50.
Trina has been making solar modules since 2004, and plans to begin making its own solar cells by mid-2007.
Revenue for the first nine months of the year increased by almost seven times to $75.7 million compared to the same period in 2005; income rose at the same pace to $7.8 million, as the average selling price of its products increased.
Another Chinese solar company, Solarfun Power Holdings (Nasdaq: SOLF), priced its shares on Nasdaq at $12.50 a share, the middle of its $11.50-$13.50 range.
The company, which makes solar cells and modules, is offering 12 million American Depositary Shares (ADS). Each ADS represents five ordinary shares.
It raised $150 million by offering 12 million shares with underwriters Goldman Sachs Asia and CIBC World Markets. Insiders sold about 1.8 million shares.
The company plans to use the IPO proceeds to buy raw materials and build new product lines aimed at the rising residential, commercial and industrial demand for solar power.
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