SAN JOSE, Calif. China’s Suntech Power Holdings Co., a maker of solar cells, began to shine after the first day of its initial public offering (IPO) on Wednesday (Dec. 14).
Suntech traded at $20.26 a share, up 35 percent in midday trading from its IPO price of $15 on the New York Stock Exchange, according to the Associated Press. The Chinese company sold 26.38 million shares at the high end of its expected price range of $13-to-$15, according to the report.
Based in Wuxi, Suntech Power claims it took only three years to boost its annual output capacity for polycrystalline silicon wafers by 50-megawatt. At the same time, Suntech realized its goal of creating multicrystalline silicon solar cells with a conversion efficiency rate of as much as 16 percent. The company now ranks eighth in the world in terms of production volume.