Friday, April 27, 2007

GT Solar looks for $200M in IPO

GT Solar Inc. of Merrimack, N.H., has filed papers with the Securities and Exchange Commission for an initial public offering of stock valued at $200 million.

Shares are expected be offered on the Nasdaq stock exchange.

GT Solar, which makes photovoltaic production equipment, was originally founded as GT Equipment Inc. by Kedar Gupta and John Talbott in 1994, with an initial stake of $1,000. The company borrowed $5 million in 2001 to build its facilities in Merrimack, which has since been repaid.

The company has seen consistent revenue growth over the past few years, based on increased international sales. In fiscal 2006, 85 percent of the company's sales came from overseas, including 74 percent from China.

Talbott left the operating side of company several years ago, while Gupta retired from the CEO post last fall.

Earlier this month, the company announced that former president and chief operating officer Thomas Zarrella would take the position of CEO and director of the company. Zarrella joined the company in 2004.

GT Solar's revenue grew from $9 million in the fiscal year that ended March 31, 2004, to approximately $59.6 million in its fiscal 2006. The company also boasted a backlog of $295 million in orders for its equipment, as of Dec. 31, 2006.

The company also announced a $49 million deal with a Russian company this past March.

GT Solar employs 123 people and has facilities in New Hampshire and China.