DOW JONES NEWSWIRES
GCL Solar Energy Technology Holdings Inc. withdrew its filing
for an initial public offering as a result of unfavorable market
conditions.
The company, founded in 2006 as GCL Silicon Technology Holdings
Inc., filed for the IPO nearly a year ago when soaring oil prices
had investors throwing money at alternative-energy companies. The
withdrawal highlights the difficulties the solar sector now faces
since conventional fuels have fallen from their historic peaks.
GCL had already cut the size of the IPO in October to $600
million from $862.5 million American depositary shares.
The company had planned to use proceeds from to make a $150
million contribution to its Jiangsu Zhongneng Polysilicon
Technology Development Co. unit as well as to redeem $20 million in
bonds and fund acquisitions.
Morgan Stanley (MS), Credit Suisse (CS), HSBC (HBC), Cowen &
Co. and Piper Jaffray (PJC) had been slated to underwrite the
offering.
-By Jay Miller, Dow Jones Newswires; 212-416-2355;
jay.miller@dowjones.com