Danen Technology, a Taiwan-based maker of solar power components backed by strategic investor Walsin Lihwa, has floated in Taiwan at a value of $350m.
HannStar Display, a listed subsidiary of Walsin, had reinvested $3.9m in Danen in October as part of a $19.1m fundraising and held a 7% stake, according to local news provider CENS.
The October investment had also seen Giza Venture Capital, an Israel-based firm, invest in Danen’s first institutional round since launch in 2007 with $39m of funding.
Danen makes silicon wafers for solar panels and after its initial public offering its share price rose by 23% in the first day.
Danen’s customers include some of Taiwan and the world’s largest solar cell manufacturers, such as Samsung Solar Energy, Motech Solar, Neo Solar Power and E-Ton Solar, Conergy, Suntech Power and Q-Cells.