LDK admits clock is ticking on polysilicon IPO ambitions

LDK Solar says it has about a year to significantly drive down its polysilicon production cost, or else an initial public offering (IPO) for its polysilicon unit may be off the table – a potentially devastating outcome for the embattled Chinese PV giant.

Despite being China’s second largest producer of polysilicon after GCL-Poly, in addition to one of the world’s leading suppliers of PV cells and modules, LDK’s decision to diversify into polysilicon several years ago has thus far proved disastrous.

LDK has long touted its intention to spin off its polysilicon division, with an IPO originally slated for late 2011.

Only 10 months ago LDK – among China’s most heavily-indebted PV manufacturers – revealed plans to treble its in-house polysilicon capacity by the end of 2013 to 55,000 tonnes via a massive new Log in to read complete article.

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