China Sunergy Co. Ltd., a solar cell producer in China, has filed with the SEC for an IPO of up to $100 million in American Depositary Shares.
The company has applied to list on the Nasdaq Global Market, under the symbol CSUN.
It plans to use the proceeds to purchase raw materials, expand manufacturing facilities, expand research and development efforts and for general corporate purposes and acquisitions.
GT Solar International Inc. also registered with the SEC for an IPO of up to $200 million in common stock. The company provides manufacturing equipment to the solar cell industry.
All of the shares are being sold by the selling stockholders and the company won’t receive any of the proceeds from the offering, according to GT Solar’s prospectus.
The company also applied to list on the Nasdaq Global Market, under the symbol SOLR.
For the nine months ended Dec. 31, its net loss narrowed to $3.23 million from $12 million for the same period in 2005. Revenue increased more than 50% to $61.5 million.
The $200 million valuation for the IPO was estimated solely for calculating the registration fee, the company said. Often, the eventual price terms of an IPO offer differ substantially from the valuation in the first registration.
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