German solar company Schott Solar AG, a subsidiary of Schott AG, has reportedly cancelled plans for an initial public offering (IPO).
A press release on Dow Jones Newswires said Schott solar announced yesteray that it and Joint Global Coordinators and Joint Bookrunners, Commerzbank, Deutsche Bank and J.P. Morgan have decided to call off the planned IPO "at this time." The press release was not available on the Schott Solar website.
At the end of last month, the company announced a price range of €14.50 to €19.50 per share for the IPO of more than 33.5 million shares.
Martin Heming, CEO of SCHOTT Solar AG, was quoted: "Investors’ thoroughly positive feedback has shown us that we have the right business model and are implementing the right strategy. It was impossible to foresee the dramatic deterioration in the capital market environment, which makes a successful IPO impossible at this stage for all parties involved. Regardless of this decision we will continue to push ahead with our expansion plans.
According to the release, the company plans to significantly expand its activities in the two fast- growing business units, Concentrated Solar Power, or CSP, where SCHOTT Solar sees itself as the market and technology leader, and Photovoltaics, or PV.
Schott Solar announced in January that it is building a production facility in New Mexico for solar thermal and photovoltaic components.
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