Ucilia Wang: December 10, 2009, 2:39 PM

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Trony Postpones IPO on NYSE

Trony Solar, maker of amorphous silicon solar panels, has opted to postpone its initial public offering.

The Chinese company was expected start trading its American depositary shares on the New York Stock Exchange Thursday, but an underwriter told Reuters that the plan is to hold off until market conditions improve.

It was only earlier this week when Trony amended its filings with the U.S. Securities and Exchange Commission to set a price range for its shares. The company had planned to sell up to 15 million shares that would be priced between $9 to $11 per share.

Trony would offer another 2.9 million to its underwriters. The company's shareholders were going to offer 4.5 million shares.

Assuming the shares are priced at $10 per share, the company had anticipated to get $134.5 million in net proceeds from its offering, or $161.7 million if the underwriters decided to buy the additional shares.

Trony's plan was to use the $100 million of the proceeds to expanding its manufacturing, and another $30 million to pay off debt, the company said in its SEC filing.

Several key solar stocks in the U.S. market, such as First Solar, SunPower and Suntech, are seeing a share price decline so far today.

The company had 115 megawatts of annual production capacity by the end of August this year, and is expected to increase it to 145 megawatts by the end of 2009.