Shares of China Sunergy (Nasdaq: CSUN) spiked by more than 20% in its stock market debut Thursday.
The company offered 8.5 million shares at $11 a share, raising $94 million. The IPO opened at $12 and rose to $13.60.
The Nanjing, China-based solar cell manufacturer reported 2006 net income of $11.8 million on $150 million in revenue. In 2005, Sunenergy reported a net loss of $307,000 on revenue of $14 million.
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