Suntech's IPO shines in debut
By Steve Gelsi, MarketWatch
Last Update: 2:35 PM ET Dec. 14, 2005
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NEW YORK (MarketWatch) -- Suntech Power's initial public offering rose more than 30% as the solar-technology developer shined in its market debut Wednesday.
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Suntech Power Holdings Co. Ltd. (STP:
suntech pwr hldgs co ltd adr
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Last: 20.67-0.53-2.50%
10:49am 12/15/2005
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FinancialsMore STPSTP20.67, -0.53, -2.5%) opened at $20.35 in its first trade as a public company for a generous gain over its $15 IPO price. The China-based tech firm saw its shares change hands at $19.65 in recent action on the New York Stock Exchange.
Suntech raise about $400 million by offering 26.4 million shares at the top of the estimated range of $13-$15 with underwriters CS First Boston and Morgan Stanley.
Earlier this week, the company boosted its estimated price range from $11-$13 as institutional investors placed orders for the IPO.
Renaissance Capital lauded the stock as an "easy choice" in light of the performance of SunPower Corp. (SPWR:
sunpower corp com cl a
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Last: 27.75-0.35-1.25%
10:54am 12/15/2005
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FinancialsMore SPWRSPWR27.75, -0.35, -1.2%) , which debuted Nov. 17 at $18 a share and is now trading at $27.
The IPO fund manager cited Suntech's "strong fundamentals, attractive price and leading position in a red-hot industry."
Trading in Suntech kicked off under the symbol "STP" on the New York Stock Exchange as the IPO market rushes toward the 2005 finish line with a flurry of deals.
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