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http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/austrian-solar-backsheet-manufacturer-isovoltaic-to-ipo-in-april.html

Austria-headquartered solar backsheet manufacturer Isovoltaic has moved forward with listing nearly 18 million shares in an initial public offering on the Vienna Stock Exchange, in a transaction it has been preparing since March. A spokesperson for the company confirmed to NewNet that the listing had gained regulatory approval, but could not divulge further details.

The solar company is expected to make its first appearance on the Weiner Börse on 15 April, offering up to 15.65 million bearer shares and a further 2.34 million allotted shares, according to the stock exchange. Isovoltaic is expected to price its shares at between €16 and €21 each, with estimates showing it may make up to €377.79m from the offering; a hefty mark-up on its market capitalisation of €40m with a share volume of 40 million.
The company said it is expecting a post-offering free float of up to 45 per cent, consisting exclusively of secondary shares it intends to sell to its existing shareholders. Its prior shareholders include CIAG-Beteiligungen and TIBAG, which each hold 50 per cent stakes and plan to reduce their shares.
Isovoltaic said it intends to increasingly raise its exposures to the fast-growing solar module manufacturing markets in China and other parts of Asia. The company generated more than €200m in sales of its backsheets in 2010, in its first year of emergence from the photovoltaic division of Isovolta, a company that has more than 25 years of experience in composite protective solar cell film production.
Within its first year of operation Isovoltaic has already grown to capture a 35 per cent share of the global market for backsheets, which are essential components in the production of solar photovoltaic modules. Backsheets are used to protect solar cells from mechanical, chemical and weather-related erosion and damage.
The solar backsheet market, which supplies the solar module market, provides strong growth potential for the company, driven by increasing demand in renewable energy sources and supportive regulatory regimes. Isovoltaic said it expects to benefit from ongoing growth in solar module production in Europe, the US and Asia, which is spurred for future growth through continuing global regulatory support. The market for solar modules continues to rise, having displayed average annual growth rate of close to 40 per cent in the last decade.
The Austrian company exports 98 per cent of its backsheets, mainly to solar module manufacturers in China and Germany for use in both solar rooftop and solar farm projects. The company is continually looking to improve and customise its products through engaging in strategic cooperation with global partners, employing a third of its staff in research and development activities. While its headquarters are located in Styria in the south-east of the country, Isovoltaic also has a base in Changzhou, China in addition to a separate location in the state capital of Burgenland.
Goldman Sachs International, Credit Suisse, Morgan Stanley and Erste Group are acting as joint lead managers on the Isovoltaic offering, according to the Weiner Börse.