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Chinese solar and energy storage products provider Skycorp Solar Group Limited has set the terms of its proposed initial public offering (IPO) in the US, seeking a valuation of up to about USD 140 million (EUR 129.9m) in the transaction.
The company will be selling 2.7 million ordinary shares in the offering and expects the units to be priced at between USD 4.00 and USD 5.00 apiece. Some 405,000 more shares have been provided to cover over-allotments, if any.
The net proceeds from the IPO, which are estimated at about USD 8.5 million at the low end of the targeted price range, will go for the expansion of the companys product lines and services, strengthening research and development capabilities, improving brand recognition and for working capital and general corporate purposes.
Skycorp has chosen to list its shares on the Nasdaq stock exchange under the trading symbol PN.
Zhejiang-based Skycorp is a solar photovoltaic (PV) product provider, focused on the manufacturing and sale of solar cables, connectors and modules, seeking to become a major solar supplier to the power data centres market. The company also offers energy storage solutions as well as new and used GPU and HPC servers. It is doing business through operating subsidiaries, Ningbo Skycorp and its units, in China.
The company booked more than USD 22.5 million in revenue in the six months ended March 31, 2024, slightly up from about USD 22.3 in the same period a year earlier. Its net income rose to USD 643,498 from USD 68,127.
Skycorp is majority owned by Weiqi Huang, its CEO and chairman of the board. The aforementioned valuation of the company is based on an estimated 28.1 million ordinary shares outstanding immediately after the offering, assuming full exercise of the over-allotment option.
(USD 1 = EUR 0.928) |
