PVTIME -SolarSpace (Jiangsu Zhongrun Solar Technology Development Co.,Ltd.), a leading global manufacturer of solar cells and modules, announced on 15 May that its initial public offering (IPO) has been accepted by the Shenzhen Stock Exchange (SZSE).
According to the announcement, SolarSpace plans to raise 4 billion yuan through the IPO. 2 billion yuan of the funds raised will be used for the construction of the second phase of its 8GW high-efficiency solar cell production project, with a total investment of 2.659 billion yuan.
A further 2 billion yuan will be used for capital replenishment. The financial support is expected to reduce SolarSpace’s need for debt financing and reduce its debt burden.
In addition, SolarSpace’s solar cell production capacity has reached 24GW by the end of 2022 and is expected to increase to over 50GW by the end of 2023. Meanwhile, its conversion efficiency of monocrystalline PERC cells had exceeded 23.5% in 2022, while the cost of non-silica material had dropped to 0.14 yuan/W. And in early 2023, SolarSpace’s TOPCon cell achieved a conversion efficiency of more than 25%.
Furthermore, SolarSpace’s operating revenue continued to grow, reaching 2,532,929,100-yuan, 5,088,906,000 yuan and 12,552,063,900 yuan in the last three years, with a compounded growth rate of 122.61%. And its net profit attributable to equity holders of the parent was 830,057,300 yuan in 2022, up from 112,203,600 yuan in 2020.