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Trony Solar (TRO) Cancels IPO
Trony Solar (TRO) was supposed to begin trading on the NYSE today under the ticker symbol TRO, but the company scrapped the IPO due to weak demand for the offering and overall weak market conditions. It has been postponed indefinitely and I’d be surprised if it launched by the end of the first half of next year. If it didn’t get done in this market, where investor enthusiasm is ridiculously high and solars are emerging off the bottom, it’s going to be awhile before they launch this thing.
Despite the scrapped IPO, Trony Solar is still a company to watch and if they launch under better circumstances, the stock should do well. The Chinese thin film solar manufacturer is profitable and growing quickly. It’s fiscal year which ended in June resulted in doubling of revenues to $79 million while net income rose 92%.
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