Skycorp Solar Group, a Chinese provider of solar photovoltaic and high performance computing products, lowered the proposed deal size for its upcoming IPO on Thursday.
The Ningbo, China-based company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. The company had previously filed to offer 2.7 million shares at the same range. At the midpoint, Skycorp Solar Group will raise 26% less in proceeds than previously anticipated.
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 $50 million in revenue for the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the symbol PN. Cathay Securities is the sole bookrunner on the deal.
