Trony Solar Holdings, which provides solar photovoltaic (PV) modules, announced terms for its IPO on Friday. The Shenzhen, China-based company plans to raise $195 million by offering 19.5 million American Depository Shares at a price range of $9-$11. It raised the target to $242 million from the $200 million it initially filed for on Oct 30. At the mid-point of the proposed range, Trony Solar will command a market value of $453 million. The solar company, which was founded in 2003 and booked $79 million in sales over the last 12 months, plans to list on the NYSE under the symbol TRO. J.P. Morgan and Credit Suisse are the lead underwriters on the deal, which is expected to price during the week of Dec. 7.
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