Chinese solar and energy storage products provider Skycorp Solar Group Limited has outlined the terms of its proposed initial public offering (IPO) in the United States, aiming for a valuation of approximately USD 140 million (EUR 129.9 million).
The company plans to offer 2.7 million ordinary shares, with an expected price range of USD 4.00 to USD 5.00 per share. Additionally, 405,000 shares are available for over-allotments.
Skycorp intends to use the net proceeds from the IPO, estimated at around USD 8.5 million at the lower end of the price range, to expand its product lines, enhance research and development capabilities, boost brand recognition, and for general corporate purposes.
The Zhejiang-based company manufactures solar photovoltaic (PV) products, including cables, connectors, and modules, and aims to become a major supplier to the power data centers market. It also provides energy storage solutions and new and used GPU and HPC servers. The company operates through its subsidiaries, Ningbo Skycorp and other units in China.
In the six months ending March 31, 2024, Skycorp generated more than USD 22.5 million in revenue, slightly up from USD 22.3 million in the same period the previous year. Its net income grew to USD 643,498 from USD 68,127.
The company plans to list its shares on the Nasdaq under the ticker symbol “PN.” The valuation of the company is based on an estimated 28.1 million outstanding shares after the IPO, assuming the full exercise of the over-allotment option.
