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STR Holdings Inc. hopes to raise as much as $212 million in an initial public offering, the company disclosed Thursday.
The Enfield, Conn.-based quality assurance service provider and maker of products that bond and protect solar modules said it expects its 12.3 million shares to price between $13 and $15 on the New York Stock Exchange, where it will trade under the ticker STRI. Underwriters have the option to purchase up to another 1.85 million shares within 30 days of the offering.
The company did not provide a timeframe for the offering.
STR Holdings filed its registration statement with the U.S. Securities and Exchange Commission on Oct. 7. The company claims to have been the first to produce original ethylene-vinyl-acetate encapsulants used in commercial solar module manufacturing in the 1970s and last year sold 2,740 megawatts worth of solar encapsulating material.
The company posted net sales of $117.7 million and net income of $6.3 million in the first six months of this year compared with $136.7 million in net sales and $16 million in net income in the first six months of last year.
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