Trony Solar has cancelled its filing for an initial public offering (IPO) on the New York Stock Exchange after just eight months. This is the second time the Chinese thin-film module manufacturer has revoked its application, holding poor market conditions responsible, reports the New York Times.
The company’s plan was to sell 19.5 million shares at between US$9 and US$11. However, due to the weak market conditions that Trony cites, thin-film solar manufacturers are currently taking a hit. Trony is not the only company knocked by this, as Jinko Solar and Solyndra have also recently fell foul of the same conditions. These companies have not been helped by the recent news that Applied Materials will no longer be supplying its SunFab line to new thin-film customers.
Trony says it has suspended its public sale plans indefinitely, suggesting that it may make a third attempt in the future.