JinkoSolar joins growing clean-tech IPO gold rush

Predictions that 2010 could see a spate of clean-tech IPOs are looking increasingly well-founded, after China-based solar company JinkoSolar Holding Co Ltd yesterday filed for an initial public offering (IPO) worth up to $100m.

The filing with the US Securities and Exchange Commission revealed that the company is planning to list on the New York Stock Exchange under the ticker symbol JKS.

The manufacturer of silicon wafers, solar cells and solar modules said that the cash raised through the IPO would be used to bolster its manufacturing capacity, increase investment in research and development and boost its working capital.

Underwriters for the IPO are being led by Goldman Sachs in Asia and Credit Suisse.

The company mirrored the wider solar market last year, seeing sales for the first nine months of 2009 fall more than 42 per cent year on year to 880m yuan ($128.9m). However, it managed to remain profitable at an operational level, recording a net income of 1.72m yuan, and like many solar firms is optimistic that the global glut of solar panels that afflicted much of last year is being gradually eradicated by rising demand.

The decision to pursue an IPO will further fuel optimism that the clean-tech sector will lead the recovery of an IPO market that was frozen throughout much of 2009.

Earlier this month, China-based polysilicon manufacturer Daqo New Energy Corp announced plans for a $108m IPO, while last month Californian solar firm Solyndra Inc filed for an IPO of up to $300m.

They were joined by bio-energy specialist Codexis, which also filed for a $100m IPO, while rumours continue to circulate around a number of other high-profile clean-tech firms, including electric car firm Tesla and European solar energy startup Engyco.