Venture-Backed Sky Solar Plans $173M US IPO

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Hong Kong-headquartered solar park developer Sky Solar Holdings, Ltd., backed by IDG-ACCEL China Capital, has filed for an IPO on the NASDAQ to raise as much as US$172.5 million, according to a securities filing.

The company is planning to sell 12.5 million American Depository Shares (ADS) at US$10 to US$12 apiece.

IDG-ACCEL China Capital, a venture fund established jointly by IDG Capital and Accel Partners, bought convertible promissory notes issued by Sky Solar totalling US$5 million in 2012. A year later, IDG-ACCEL received US$5.9 million convertible promissory notes as replacements of the earlier issuance.

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