JinkoSolar Holding, a vertically-integrated china-based manufacturer of silicon wafers, solar cells and solar modules, postponed its plans for an initial public offering on Wednesday night citing poor market conditions. The company had originally planned to raise $74 million by selling 10.6 million ADS at range of $6-$8, though price talk on the deal fell to $5 (29% below the original midpoint) just prior to the deal being shelved. JinkoSolar was founded in 2006 and booked $224 million in sales for the 12 months ended 12/30/09. Goldman Sachs (Asia) and Credit Suisse were acting as lead underwriters on the deal.
Reflecting a jittery IPO market and investor concerns surrounding an ongoing supply glut in the solar sector, JinkoSolar became the third China-based solar company to pull its IPO within the last three months, following postponements by Daqo Energy (DQ) in January and Trony Solar (TRO) in December. Trony Solar and Daqo Energy each slashed their initial pricing terms before ultimately electing to cancel their respective IPOs.
