Thursday, July 24, 2008

GT Solar IPO prices at $16.50 per share in IPO (SOLR)

From Reuters:
GT Solar International Inc's initial public offering priced at $16.50 per share, within its estimated range of $15.50 and $17.50 a share, UBS Securities said on Wednesday....
From Investors Business Daily:


It's a tough time for a company wanting to float some shares. But GT Solar International might just find the sweet spot.

The company makes capital equipment bought by some of the world's top solar manufacturers. Solar has cooled some in the past few months. But sky-high energy prices and continued political pushes around the globe for alternative energies is keeping capital spending flowing.

GT Solar supplies industry players such as BP Solar International, LDK Solar, (LDK) Yingli Green Energy, (YGE) and Trina Solar. (TSL)

There are some competitors out there, though Scott Sweet, principal researcher at IPO Boutique, says this will be the first pure-play solar capital equipment maker to go public. Still, as a green-focused company, there's some precedent for success. Though there's been an IPO drought this year, firms with a patina of green have found more traction with investors.

Sweet says he's hearing significant interest from both institutional and retail investors.