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Isovoltaic: IPO Fixed

Published: April 4, 2011; 06:21 · (Vindobona)

The Austrian component supplier in the solar power industry will be listed at the Vienna Stock Exchange. The subsription period starts by Monday.

Isovoltaic: IPO Fixed / Picture: ©

The IPO of Isovoltaic will be effected much sooner than expected. The major owner, Stanislaus Turnauer, decided to sell a 45%-stake on Isovoltaic. The subcription period starts on Monday, 4th April. Erste Group acts as Joint Lead Manager. What is more, a listing at the Vienna Stock Exchange is planned.

Despite the strong growth in Isovoltaic´s business, the issue of new shares is not necessary. The equity capital quota amounts to 50%.

Isovoltaic´s sales in 2010 were accounting for € 200m. Operating profits were € 55m, an operating margin of 28% has been reached. The company, which employs about 250 collaborators, has a market value of € 750m to € 1.0bn.

Isovoltaic is an operator in the segment for solar backsheets with a market share of approx. 35% in terms of revenues in 2009. These are typically multi laminates of polymer foils, which cover the back-side of a module to protect the photovoltaic cells inside from environmental influences and mechanical damage.

Isovoltaic markets its products mainly to the large solar module manufacturers in Europe and Asia, in particular China. The share of Asian revenues has increased strongly over recent years, up from only 36% in 2008 to close to 70% in 2010. The company’s growth in Asia reflects the gradual shift of a majority of solar module manufacturing to Asia. In order to strengthen its presence in the Asian market and increase its focus on customers overseas the company recently established a sales subsidiary in Changzhou, China.

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