German solar energy firm Conergy will announce the bookbuilding range of its planned initial public offering next week, it said on Monday. The firm, which makes equipment for the solar energy industry, said at a news conference the subscription period will also start in the week beginning March 14. Conergy will put 4.5 million shares on sale in the listing planned later in March, the Hamburg-based firm added. Financial sources have said Conergy plans to raise 100 to 200 million euro ($132 million to $264 million) from the listing, which is managed by Commerzbank and Deutsche Bank.
German newspaper Handelsblatt has said the banks managing the sale have valued Conergy at up to 600 million euros. The Conergy IPO could be Germany's third this year, following those of biotechnology firm Paion in February and pay-TV firm Premiere, which plans to list its shares on Wednesday.
Conergy, which scrapped its original IPO plan in April 2001 due to lacklustre markets, boosted 2004 net profit to 11 million euros from 400,000 euros. Sales more than doubled to 285 million euros.
Conergy's solar energy rival, SolarWorld, has been one of the hottest German stocks in the past two years, gaining about 500 percent in 2004.
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