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Trony Solar Files for $200m U.S. IPO
Shenzhen-based thin-film maker Trony Solar has applied to raise up to $200 million in an initial public offering on the New York Stock Exchange under the symbol "TRO," according to an October 30 filing with the U.S. Securities and Exchange Commission.
Trony's manufacturing capacity reached 115MW at the end of August 2009, after the company completed a 70MW manufacturing line in July, and is expected to expand to 145MW by the end of 2009, the company said.
Company revenues and net income were RMB 541.5 million ($79.3 million) and RMB 164.9 million ($24.2 million), respectively, in the fiscal year ended June 30, 2009. The company conducts its business its wholly owned operating subsidiary, Shenzhen Trony Science and Technology Development, which is directly owned by Hong Kong holding company Grand Sun International Investment.
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