Yes, it is earnings season, but GT Solar has decided to wade into the world of initial public offerings (IPO). The company is moving into the IPO market at a time when activity has seemingly dried up. GT Solar is expected to price its IPO on Wednesday night, with Thursday's trade greeting the new ticker SOLR somewhere between $15.50 and $17.50 per share. The IPO will hold 30.3 million shares and should raise about $500 million through underwriters Credit Suisse and UBS.
An article on MarketWatch quotes Scott Sweet of IPO Boutique, noting that the deal has drawn large interest from institutional and retail investors. Sweet told MarketWatch, "This looks to be a solid IPO." Looking for other solar companies that have gone public this year brings us to Real Goods Solar (RSOL). The stock was introduced at $10 per share on May 8, but it has been downhill since then. The stock has set a bit, and is currently trading below $6 per share, as the initial IPO momentum seems to have cooled.
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