At least two solar companies have pulled plans for initial public offerings in recent weeks, further evidence of the uncertain investment climate in the sector despite a strong earnings report from bellwether First Solar on Wednesday.
Nitol Solar, a Russian company that processes silicon for the solar industry, on Thursday pulled its planned listing on the London Stock Exchange, according to Thomson Financial News. Chinese silicon ingot maker Solargiga beat the Russian company to the punch pulling its planned listing in Hong Kong in the last week of January.
Both companies cited unfavorable market conditions.
And Evergreen Solar this week reduced the target price for a secondary offering to $9.50 per share, down from over $12.
New Energy Finance analyst Nathaniel Bullard said it’s a bad climate for solar IPOs with many solar stocks still trading below their 52-week highs.
“You won’t get the returns that venture backers want,” he said....MORE
Unless you're Chinese, you're listing in Shenzen and your name is Shenzen Topraysolar.
Big returns for Shenzhen Topraysolar?
A new type of Chinese solar IPO is on the horizon.
Shenzhen Topraysolar, a maker of solar cells and solar panels based on non-crystal silicon, mono-crystal silicon and multi-crystal silicon, as well as solar application terminal products, made moves this week to become the first solar company to trade in China.
Bigger Chinese solar energy firms like SunTech Power (NASDAQ: STP) and Yingli Green Energy (NYSE: YGE) have had spectacular results listing in the U.S. But Topraysolar hopes to take advantage of increased interest in clean energy shares among Chinese investors....MORE