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Solar developer Solairedirect has been valued at €386 million (US$414 million) after it announced its indicative share price range ahead of its forthcoming IPO.

Shares have been valued at €16-21.50 (US$17.2-23.1) meaning the company could see €175 million (US$187.8 million) of new shares traded.

The French firm, which focuses on its domestic market and emerging markets with little or no required subsidy support, intends to float on the 30 April. Shares will be traded on the Euronext Paris exchange.

The company said it would use the proceeds to retain control of the sites it develops for longer in order to “extract greater value”.

Solairedirect has a 4GW pre-construction pipeline and expects to build 185MW this year, up from 106.5MW in 2014. It currently has 487MW in operation with the vast majority in France.

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