GT Solar files for $500M IPO
GT Solar, a maker of silicon-based solar cell manufacturing equipment and production lines, has files for an initial public offering on the NASDAQ stock exchange under the symbol SOLR.
The company, formerly called GT Equipment Technologies, plans to place 30.3 million shares on the market, about a quarter of its total equity, and anticipates a $15.50 to $17.50 range per share. At $16.50, that would result in gross proceeds of just under $500 million.
However, the proceeds will go entirely to the company’s investors, which include RBC Capital Partners and Wells Fargo.
GT Solar is based in Merrimack, New Hampshire, with sales offices worldwide.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.