The solar cell division of India’s Moser Baer Ltd (MOSR.BO) is planning to list on the Nasdaq exchange, according to a report by Reuters that cited two unnamed sources familiar with the plan.
The report says Moser Baer Photo Voltaic, which manufactures solar cells and modules, is seeking to raise about $150 million and has appointed Morgan Stanley as an underwriter for its U.S. initial public offering (IPO).
The IPO may be a few months away, according to one of Reuters’ sources.
In November the company said it was looking to invest $150 million on expansion projects and considering an overseas stock listing.
Last month SustainableBusiness.com reported that Moser Baer subsidiary PV Technologies Ltd., announced plans to purchase thin-film solar production equipment capable of expanding its production by 565 megawatts (MW).
In addition, it was rumored that the $1.9 billion contract announced by Applied Material Inc (Nasdaq: AMAT) earlier this month, was with Moser Baer.
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