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Solar IPO STR Holdings (STRI) Begins Trading Below Expected Range
The first solar IPO in about a year began trading this morning below the expected range of $11 – 13/share around $10/share. Certainly not a hugely successful IPO, but holding in there at a time when solar stocks are generally struggling.
STR Holdings (STRI) makes components called solar power module encapsulants that protect the circuits in the solar panel. The company is profitable and counts some big players as customers (First Solar, Sunpower, BP Solar). The company will use proceeds to pay down debt and provide a working capital cushion. Shares are now trading on the NYSE under the ticker STRI and are up about 7% from the open price.
Another solar IPO on the horizon is Trony Solar (TRO). The Chinese company makes thin film solar panels and focuses on off grid installations, although is expanding to on grid. The company is very profitable and growing quickly so should generate more interest than the STR IPO is. No word yet on when the stock will begin trading.
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