BEIJING (AFX) - Chinese solar power firm, Suntech Power Holdings Co Ltd, has set an indicative range of 11-13 usd per share for its New York listing, the Standard reported citing market sources.
Early in November, Suntech Power filed a prospectus with the US Securities and Exchange Commission for the issue of up to 300 mln usd in American Depositary shares.
The Hong Kong newspaper said that the price range values the company at about 18.6-22.1 times projected 2006 earnings.
The firm, headquartered in Wuxi in China's eastern province of Jiangsu, produces photovoltaic cells that convert sunlight into electricity.
Morgan Stanley, Credit Suisse First Boston, CLSA Asia-Pacific Markets and SG Cowen & Co are underwriting the issue, according to the prospectus.
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