Hong Kong based independent power producer (IPP) Sky Solar has postponed its initial public offering (IPO) of shares, which were expected to start trading today on NASDAQ.
According to forms filed with the Securities and Exchange Commission (SEC), the company could have raised a maximum aggregate offering price of US$172,500,000, a figure given as the upper limit for accounting purposes to calculate the potential cost of the IPO in fees. News reports stated a more realistic expectation would have been around US$150 million. The company anticipated the offering price of shares to be between US$10 and US$12.
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IPO specialist advisory firm Renaissance Capital reported the news on its website and said Sky Solar had cited ‘poor market conditions’ as the reason for postponement. According to Renaissance Capital, bookrunning on the IPO would be jointly conducted by FBR Capital Markets and Cowen & Company.
Sky Solar employs around 150 people, with a presence in Asia, Europe, the Americas and Africa. The company’s website states that it has developed and completed 198 solar parks totalling over 181MW in various regions, while it owns and operates a further 53MW and claims to have more than 1.3GW under development.
The company could not be reached for comment at the time of publication.
The most high profile recent solar IPO was for US residential installer Vivint Solar, which raised over US$300 million when it floated on the New York Stock Exchange, while SunEdison’s yield co, Terra Form, launched in summer and raised over US$530 million.