Skycorp Solar Group, a Chinese provider of solar photovoltaic and high performance computing products, filed on Tuesday with the SEC to raise up to $12 million in an initial public offering.
The Ningbo, China-based company plans to raise $12 million by offering 2.7 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Skycorp Solar Group would command a market value of $125 million.
Operating through its subsidiaries in China, Skycorp generates revenue through the manufacturing and sale of solar photovoltaic products, such as solar cables and connectors, as well as the sale of high performance computing products. The company's mission is to become a green energy solutions provider to power data centers by using solar power and delivering environment-friendly solar photovoltaic products.
Skycorp Solar Group was founded in 2011 and booked $51 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol PN. The company filed confidentially on December 19, 2023. Cathay Securities is the sole bookrunner on the deal.
