GT Solar Internaional Inc. expects to sell 30.3 million shares at a price of $15.50 to $17.50 in its initial public offering, according to a filing with the Securities and Exchange commission.
The Associated Press reported that the New Hampshire-based company plans to distribute all of the proceeds–roughly $500 million–to its shareholders.
All of the shares are being sold by parent company GT Solar Holding LLC, which will retain a 78.3% stake in the company. The stake will be reduced to 74.9% if the underwriters exercise their overallotment option in full.
Underwriters include: Credit Suisse, UBS Investment Bank, Banc of America Securities LLC, Deutsche Bank Securities, Piper Jaffray and Thomas Weisel Partners LLC.
GT Solar reported $36.1 million in earnings for the year ending March 31, 2008, compared to a loss of $18.4 million the year before.
The company has appled to list its shares on the NasdaqGM under the symbol SOLR.
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