Trony Solar, a Chinese solar power company, kicked off the bookbuilding yesterday for an initial public offering of up to HK$1.73 billion $223 million in Hong Kong. The share sale has received strong interest with the deal being fully covered in the afternoon.
The response provides further evidence of investor appetite for renewable energy equities. Last Wednesday, the $400 million US IPO launched by China Ming Yang Wind Power, a Chinese wind turbine manufacturer, was also fully subscribed on the first day of the roadshow. And that's in spite of the fact that Chinese green energy companies, including Trony, have struggled in the overseas primary markets this year.
Trony initially attempted...
