Solar Inverter Company Ginlong Solis Floats 20 Million Shares in IPO Raising $79 Million
The company said with this achievement; it has become the first string inverter company to be listed on the Shenzhen Stock Exchange
March 28, 2019
Ginlong (Solis) Technologies, a manufacturer of solar PV string inverters, has been listed as a public company on the Shenzhen Stock Exchange, the company announced in a press statement. According to the company, it is the first string inverter company to be listed on the Shenzhen Stock Exchange.
Its stock value has been placed at 4 billion Yuan (~$590 million).
In its initial public offering (IPO), the company floated 20 million shares at 26.64 yuan (~$3.96) and raised 533 million yuan (~$ 79.27 million). The post-public-offering share capital of Solis is 80 million yuan (~$ 11.90 million).
The company was founded in 2005. In 2018, its operating income stood at 831 million yuan (~$123.59 million), and net profit was 118.064 million yuan (~$ 17.56 million).
In November 2018, Sindicatum Renewable Energy Company Pte Ltd (Sindicatum), a developer and operator of clean energy projects in Asia, listed its three guaranteed Indian Rupee (₹) and Philippine Peso (PHP) green bonds on London Stock Exchange’s International Securities Market.
This is a positive development for the company when IPOs have been few and far between in the solar industry. Since 2017, several Chinese companies trading in the U.S. have turned private according to Mercom Solar Funding and M&A reports.
According to the company, its top ten customers are mostly from Asia, Europe, America, Oceania, and other regions.
Recently, Mercom reported that India was the third largest solar market behind China and the United States with 8.3 GW of solar PV capacity installed in 2018. Japan and Germany were the fourth and fifth largest solar markets in the world.
China added 44.3 GW of solar PV capacity, more than five times that of India during the year, according to data released by the country’s National Energy Administration.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer