China’s Nobao Renewable Energy Holdings Ltd is taking another shot at an IPO.
The company, which primarily installs geothermal heating and cooling systems for commercial buildings, has filed to sell up to $300 million worth of American Depository Shares (ADS) on the New York Stock Exchange.
The Shanghai-based company made a similar filing in April 2010, before scaling back to $180 million and eventually withdrawing the plan.
Since then, Nobao, which is incorporated in the Cayman Islands, has raised $12.5 million from private equity firm Silver Lake. Silver Lake has an option to invest another $97.5 million, according to the filing.
Funds from the IPO are to be used, in part, to fund work on a large urban development project in Jiangsu Province, called the Su-Tong Science and Technology Park.
Nobao reported 2010 revenue of $52.8 million, nearly double the revenue level in 2009. But it’s net loss also increased from $0.98 cents per ADS to $3.22 per ADS.
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