Chinese solar company Artech Solar is planning to raise around $206 million in an initial public offering (IPO) on Star Market, the media reported.
Artech Solar, which is a world-leading solar tracking, racking and BIPV system provider, will use the funds raised through its IPO to develop its manufacturing base and research centre.
State-owned SDIC Capital’s Essence Securities is the acting underwriter, according to reports.
Artech Solar’s primary business is solar panel installations across residential communities, commercial buildings, and industrial spaces.
According to the company, it has completed nearly 900 projects in 24 different countries across the globe. It’s main overseas markets are Mexico, the UAE, Vietnam, Chile, Australia, Spain, among others.
Artech Solar officially launched its Smart Rooftop II BIPV System at the SNEC 2020.
Mr. Shijun Zhou, Head of Arctech Solar’s BIPV Business said at Smart Rooftop II BIPV release conference, “The whole industry is embracing a booming market of BIPV system now, especially for the large-scale industrial plants which constructed 10 years ago, are now entering the phase of replacement. With BIPV’s multiple benefits, we believe it will be the ideal choice for industrial and commercial roof replacement. Compared with BAPV, the Arctech Solar Smart Rooftop II BIPV system has a higher power generation capacity, longer lifetime, and most importantly, the lower overall cost for investors.”
According to Global Market Insights’ recent report on the solar PV mounting system market, the valuation for solar PV mounting systems will cross $16 billion by 2026.