Shenzhen-based Trony produces thin-film modules made from amorphous silicon, differentiating it from its crystalline-focused Chinese peers such as JA Solar, Trina Solar and Yingli Green Energy.

Trony will sell 15 million American depository shares, expected to fetch between $9 and $11 each. In addition, existing shareholders JPMorgan and Intel, which own a combined 11.9% of the company, are each selling half of their shares – or 4.5 million in total.

The company has put up strong results in the past year thanks to sharp growth in demand for solar-energy systems in its primary markets of China, South Korea and Thailand. Trony reported third-quarter revenues of 254.6m yuan ($37.1m) and profits of 72.5m yuan – a gain of 44.8% and 61.5% respectively from a year ago.

Intel ploughed $20m into Trony last year to allow it to ramp up its production capacity to 105 megawatts.