Chinese thin-film solar module maker Trony Solar Holdings Co Ltd. postponed its initial public offering due to market conditions, according to a Wall Street Journal report.
The company intended to begin trading today on the New York Stock Exchange under the symbol TRO, but failed to price Wednesday night. The offering has been postponed indefinitely, according to the reoprt.
The company previously announced plans to sell 19.5 million American Depository Shares (ADS) between $9 and $11 dollars. The company hoped to net proceeds between $134.5 million and $161.7 million.
Trony was founded in 1993 to make thin film batteries. It moved into off-grid solar in 2006, and is now expanding into grid-tied solar.
The company says its amorphous-silicon solar panels cost $1.15 a watt to produce at its 115 MW factory. Despite a tough year for the solar industry as a whole, Trony's revenue grew 81% in the last quarter and profits grew 62%.
