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Spectra Solar (PN.US), a solar photovoltaic products supplier, has reduced the size of its IPO, resulting in a 26% decrease in the amount of capital raised compared to its previous plans.

Market IntelThursday, Jan 2, 2025 8:50 pm ET
1min read

Ningbo Skycom Solar Co., Ltd. (Skycom Solar, stock code: PN.US), a major shareholder of Ningbo Skycom Solar Co., Ltd. from Ningbo, Zhejiang, announced on Thursday to reduce the size of its upcoming IPO.The company currently plans to raise $9 million through the issuance of 2 million shares at a price range of $4 to $5 per share, down from its previous plan to issue 2.7 million shares at the same price range. The funding raised at the midpoint of the price range is 26% lower than the previous plan.Skycom Solar's revenue sources mainly include the production and sales of photovoltaic products such as solar cables and connectors; the sales of high-performance computing products. The company is committed to being a provider of green energy solutions, using solar power to power data centers and offering environmentally friendly photovoltaic products.Skycom Solar was founded in 2011, and it recorded $50 million in revenue in the past 12 months ended September 30, 2024. The IPO is planned to be listed on the Nasdaq, with Cathay Securities as the sole underwriter.The company's mission is to drive industry transformation through green energy technology, providing sustainable energy solutions for data centers, and its photovoltaic technology and high-performance computing products have a promising market outlook, attracting investor attention.

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