Trony Solar Holdings, which is China's largest manufacturer of thin film solar modules, lowered the proposed price range for its upcoming IPO by 23% on Wednesday. The Shenzhen-based company now plans to raise $151 million by offering 19.5 million ADS (15 million primary) at a price range of $7.50 to $8.00. The company had previously filed to offer the same number of ADS at a range of $9.00 to $11.00. Trony Solar Holdings, which was founded in 2003 and booked $79 million in sales over the last 12 months, plans to list on the NYSE under the symbol TRO. J.P. Morgan and Credit Suisse are the lead underwriters on the deal, which is expected to price later tonight.
