07/06/2007
Oxford-based PV Crystalox Solar, a supplier of highly sought-after silicon to the solar panel industry, is expected to join the LSE's main board in a flotation valuing the business at £524 million.
Chief executive Iain Dorrity, who along with other management owns 84 per cent of the shares, hopes to raise a total of £210 million. The company will receive only £50 million of this, with the remainder allowing existing shareholders to sell down their stakes.
The company has been operating in the sector for over 20 years and has been profitable for the last five, selling the majority of its silicon ingots to Japan, with the balance processed into wafers at its plant in Germany. Said Dorrity: ‘PV Crystalox Solar has a strong track record in a sector that is experiencing strong growth, and the IPO will give us the ability to take advantage of the opportunities available in our markets.’
JPMorgan is sponsor, financial adviser and sole bookrunner to the float, which sees first dealings pencilled in for 11 June. The shares, priced at 130p, may see some support based on the success of Chinese silicon recycler Renesola, up tenfold since its float last summer.
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| LSE | £440.69m |
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