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GT Solar a bellwether for ‘green’ IPOs

21 July 2008 | Cell Processing: News From Around The Web | Source: WSJ
Investment bankers have been forecasting sunny skies for clean-energy IPOs for months, and this week their optimism will be tested out on the planned debut of GT Solar International Inc., a supplier of solar-cell equipment.

The New Hampshire-based company, which aims to sell $530 million in stock on Nasdaq for its private-equity owners, doesn't actually make solar cells; it makes machines that can create polysilicon, melt it and cast it for photovoltaic uses.

Demand for its equipment has skyrocketed in the last two years as solar-cell makers have ramped up production, with revenue quadrupling to $244 million in the fiscal year that ended March 31, and net income rising to $36 million compared with a net loss of $18 million in 2007. 

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