China-based solar tracker manufacturer Arctech Solar Holding is targeting RMB1.43bn ($207m) in an initial public offering that would enable solar energy product maker Risen Solar Technology to exit, DealStreetAsia reported today.
The company plans to issue up to 33.9 million shares on Shanghai Stock Exchange’s Star Market priced at RMB42.19 each and began the subscription process today.
Founded in 2009, Arctech produces solar tracking and racking systems for use in grid and industrial-scale solar energy projects. It launched the latest iteration of a smart material for use in rooftop solar systems last week.
The company has so far installed its systems across some 900 projects totalling 24 GW of capacity, and generated about $184m in revenue in 2019 according to the IPO prospectus.
Essence Securities, a subsidiary of the Chinese government-owned State Development and Investment Corporation’s SDIC Capital, is lead underwriter for the offering.
Risen Solar had joined Jintong Capital, Oct Capital and Tinze Goldenbull Capital, a subsidiary of private equity investment manager Anhui Golden Bull Holdings Group, to invest an undisclosed amount in Arctech in January 2019.
Photo courtesy of Arctech Solar Holding Co., Ltd.
