Q-Cells AG (Thalheim, Germany), a manufacturer of crystalline silicon solar cells, reported plans to raise as much as €280 million (US$340 million) during an October 4, 2005, debut on the Frankfurt market. The company is offering 1.6 million outstanding shares as well as 6.7 million new shares for between €29 and €34 an issue. Q-Cells hopes to exploit strong demand for alternative-energy-related shares.
Q-Cells reports that its IPO is expected to raise about €200 million, which it would use to invest in its plants. Citigroup Inc. and Dresdner Kleinwort Wasserstein are managing the issue, which includes a greenshoe of 1.1 million shares. Since its founding in 1999, Q-Cells has raised €35 million in two rounds of financing from investors, including Apax Partners and IBG Beiteiligungs GmbH. In 2004, it posted income of €12.4 million on sales of €128 million. The company employs 500 and has become one of Europe's largest solar-cell manufacturers since opening its first plant.
