Trony Solar raises IPO target to $241.5 mln

Chinese thin film solar company Trony Solar Holdings Company Limited raised the amount of its initial public offering on Friday, adding to the buzz around the many US-based publicly traded solar companies.

The firm said in a regulatory filing that it would raise as much as USD 241.5 million in its IPO, up from the USD 200 million it filed for last month.

The Shenzhen-based company said it plans to sell 15 million American depositary shares while shareholders sell an additional 4.5 million shares. It said in a filing with the US Securities and Exchange Commission it expects the shares to price between USD 9 and USD 11.

JPMorgan Special Situations (Mauritius) Limited and Intel Capital Corp, which currently own a combined 11.9% of the company, are each selling half of their shares.

The firm reported revenue of 254.6 million yuan (USD 37.1 million) in the three months ended Sept. 30, up 44.8% from a year ago, and net profit of 72.5 million yuan, up 61.5% from a year ago.

Trony Solar plans to debut on the New York Stock Exchange under the ticker "TRO."

Lead underwriters for the deal are J.P. Morgan and Credit Suisse. The underwriters may purchase an additional 2.925 million shares.