July 21 (Reuters) - GCL Silicon Technology Holdings Inc filed with U.S. regulators for the initial public offering of up to $862.5 million in American depositary shares (ADS).
The Hong Kong-based company told the U.S Securities and Exchange Commission in a preliminary prospectus that Morgan Stanley, Credit Suisse, HSBC Securities, Cowen & Co and Piper Jaffray were underwriting the IPO.
GCL Silicon supplies polysilicon and wafers to companies operating in the solar industry.
The company plans to use the proceeds from the offering for contribution to its China unit Jiangsu Zhongneng Polysilicon Technology Development Co, acquisitions, redemption of convertible bonds and other general corporate purposes.
GCL also plans to buy Sun Wave Group Ltd and Greatest Joy International Ltd, which own a 20 percent and 16 percent stake, respectively, in Jiangsu Zhongneng Polysilicon Technology Development and are controlled by GCL’s chairman and majority shareholder, Zhu Gongshan, and affiliates.
Under the deal, GCL will pay $240.6 million in cash using a part of the proceeds from the IPO, issue 2008 convertible bonds worth $446.9 million and about 268.5 million of its common shares.
The company, which was not profitable until 2007, posted revenue of $81.5 million and net income of $35.5 million for the three months ended March 31, 2008.
The filing did not reveal how many ADSs the company planned to sell or their expected price. It did not reveal how many ordinary shares an ADS represents.
The company intends to list its ADS on the New York Stock Exchange under the symbol “GCL.” (Reporting by Bhaswati Mukhopadhyay and Shivani Singh in Bangalore; Editing by Amitha Rajan)