GT Solar prices $121M secondary stock offering

By Mass High Tech staff

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GT Solar Inc. has priced 25 million shares of its common stock for a secondary offering that could bring the Merrimack, N.H. company about $121.25 million.

The shares, being sold by GT Solar Holdings LLC, are priced at $4.85 per share. Underwriters have an option to buy up to 3.75 million additional shares at the same price to cover over-allotments.

GT Solar develops technology and manufacturing equipment associated with the production of photovoltaic wafers, cells and modules, and polysilicon.

UBS Securities LLC and Credit Suisse Securities LLC served as the joint bookrunning managers for the public offering.

The company announced last month that it had signed more than $200 million in new contracts for the company’s DSS450 ingot growth furnaces and ancillary equipment and services.

GT Solar (Nasdaq: SOLR) went public in July of 2008 in a $500 million initial public offering. The company had initially filed papers with the SEC in April 2007 for an IPO valued at $200 million.

Founded with $1,000 in stake money as GT Equipment by Kedar Gupta and Jonathan Talbott in 1994, GT Solar has been funded by sales from the start. It reported an annual net profit of $88 million on $541 million in total revenue for fiscal year 2009. Gupta has since gone on to found Advanced Renewable Energy Company LLC, a new cleantech venture in Nashua, N.H., that has developed an improved process for manufacturing the sapphire crystals used in light-emitting diode (LED) bulbs and displays.

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