Merrimack, N.H.-based GT Solar International filed the terms of its planned initial public offering with the U.S. Securities and Exchange Commission, setting the number of shares at 30.3 million and the range at $15.50 to $17.50 per share.
The company provides manufacturing equipment and services to producers of photovoltaic wafers. It expects to raise $609.8 million in the share sale, including 4.5 million shares to cover over-allotments.
GT Solar initially filed for a $200 million offering in April 2007. The company expects to trade on the Nasdaq under the symbol "SOLR."
Credit Suisse and UBS Investment Bank are the lead underwriters on the deal. All of the shares in the IPO are being sold by GT Solar.
According to its filing, the company said it will not receive any cash from the offering. All of the shares are being sold by parent GT Solar Holdings, with the net proceeds going toward a distribution to its shareholders.
GT Solar Holdings is controlled by GFI Energy Ventures, a private equity firm focused on the energy sector, and Oaktree Capital Management, a global alternative and non-traditional investment manager.
Earlier this year, Changzhou, China-based Trina Solar (NYSE: TSL) canceled plans to build a $1 billion polysilicon production plant using equipment from GT Solar, saying supplies of the material have become more available (see Trina Solar drops plans for polysilicon plant).
Trina said the two companies would continue to work together.
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