March 25 (Renewables Now) - Chinese solar inverter maker Ginlong Technologies Co Ltd (SHE:300763) has raised CNY 532.8 million (USD 79.3m/EUR 70.3m) from its initial public offering (IPO) on the Shenzhen stock exchange last week.
The manufacturer of the Solis inverters said in a press release it will use the funds to further expand its geographical presence and push the Solis brand in overseas markets. Currently, the company’s biggest clients come from Asia, Europe, America and Oceania, among others.
Apart from the photovoltaic (PV) industry, Ginlong Technologies’ inverters are also used in wind applications. The firm says on its website its products are being offered in more than 80 countries globally.
The company’s stock officially started trading on the Shenzhen bourse on March 21, 2019. In the IPO, a total of 20 million shares were issued at a price of CNY 26.64 apiece, with Haitong Securities Company Ltd being the main underwriter of the deal.
(CNY 1.0 = USD 0.149/EUR 0.132)