Chinese Wind Turbine Company Plans $500M U.S. IPO

A Chinese wind turbine maker is planning an IPO in the U.S. in September, according to a Reuters report.

Mingyang Electric aims to raise $500 million. Bank of America Merrill Lynch, Credit Suisse Group AG and Morgan Stanley are handling the arrangements.

The company is one of the five largest wind turbine producers in China. Xinjiang Goldwind Science & Technology Co Ltd, another of the large producers withdrew plans for a $1.2 billion IPO on the Hong Kong earlier this year, due to unfavorable market conditions.