Moser Baer unit plans $150 million IPO listing on Nasdaq, Morgan Stanley
20 Mar 2008
Mumbai: Moser Baer Photo Voltaic, the solar cell unit of compact-disc maker Moser Baer India Ltd, is looking to raise about $150 million on the Nasdaq exchange, market sources said today.
Moser Baer Photo Voltaic had in November said it was seeking to invest $150 million on expansion projects and was looking at an overseas listing.
Moser Baer Photo Voltaic, which manufactures solar cells and modules, would become the latest Asian solar energy firm to raise money via a US listing.
The company, which has been working on the plans for a few months, may wait for the volatile market conditions to settle before going ahead with the issue, a source close to the developments said.
Morgan Stanley is among the underwriters appointed by Moser Baer Photo Voltaic for its IPO listing, the sources said.