GT Solar International IPO to total 30.3M shares
NEW YORK --GT Solar International Inc. said in a filing with the Securities and Exchange Commission that it expects its pending initial public offering to total 30.3 million shares and price at $15.50 to $17.50 apiece.
Parent company GT Solar Holdings LLC is selling all of the shares in the offering and plans to distribute proceeds to its shareholders. GT Solar will not receive any of the proceeds.
Based on an offering price of $16.50, the IPO will generate about $500 million before expenses.
Following the offering, GT Solar Holdings will maintain a 78.3 percent stake in the company, or a 74.9 percent stake if the underwriters exercise their overallotment option in full.
The Merrimack, N.H.-based company makes solar cell manufacturing equipment. GT Solar's photovoltaic, or PV, systems are used in industrial, commercial and residential applications to convert sunlight directly into electricity.
"Higher global energy prices, increased environmental awareness and the desire for energy independence are accelerating the adoption of renewable energy sources, including solar power," the company wrote in its amended prospectus with the SEC.
For the fiscal year ended March 31, GT Solar reported income of $36.1 million, compared with a loss of $18.4 million in the prior fiscal year. Revenue increased more than four times to $244.1 million from $60.1 million in the year ended March 31, 2007.
Thomas M. Zarrella joined the company in 2004 as president and chief operating officer and has served as president and chief executive since April 2007. Previously he led Schott Solar AG's manufacturing operations in Billerica, Mass.
Credit Suisse and UBS Investment Bank are serving as lead underwriters. Banc of America Securities LLC,
The company has applied to list its shares on the Nasdaq Global Market under the symbol "SOLR." 