(Adds details, background)
By Rafael Nam and Narayanan Somasundaram
HONG KONG/MUMBAI, March 20 (Reuters) - A solar cell unit of
Indian compact-disc maker Moser Baer India Ltd <MOSR.BO> is
seeking to raise about $150 million by listing on the Nasdaq
exchange, two sources familiar with the plan said on Thursday.
Morgan Stanley is among the underwriters appointed by Moser
Baer Photo Voltaic, which manufactures solar cells and modules,
for its U.S. initial public offering (IPO), the two sources
said.
Moser Baer Photo would become the latest Asian solar energy
firm to raise money via a U.S. listing as renewable energy
increasingly attracts interest in a fast-growing region that is
largely dependent on oil and gas imports.
The company has started the process and been working on the
deal for a few months, but may choose to wait given volatile
market conditions, added one source who had been briefed on the
plan but was not authorised to speak to the media.
A second source, who is familiar with the company's plans,
said an IPO may be a few months away.
Moser Baer Photo said in November it was seeking to invest
$150 million on expansion projects and was looking at an
overseas listing, though it had not provided details regarding
the IPO.
"We are looking at all options to unlock value, but nothing
has been finalised as of now. We can't comment on any
speculation," said Moser Baer spokesman Deep Ghatak.
Morgan Stanley declined to comment.
Several Asian solar energy firms, led by China, have listed
in the United States.
Just last year, China's LDK Solar <LDK.N> raised $486
million for a listing in the New York Stock Exchange, while JA
Solar Holdings <JASO.O> raised $259 million for a Nasdaq
listing, according to data from Dealogic.
But global markets have been roiled by a financial crisis
that has made many companies hesitant to seek listings this
year, especially in overseas markets such as the United States.
So far only one Asian company, ATA Inc <ATAI.O>, a Chinese
provider of computer-based testing services, has had a listing
in the United States, raising $48 million. Last year Dealogic
counted 30 U.S. listings from Asia, raising a total of $6.9
billion.
Still, deals are getting done. U.S. credit card firm Visa
Inc <V.N> soared as much as 38 percent in its debut on Wednesday
after raising $17.9 billion to become the biggest-ever IPO in
the United States.
(Additional reporting by Arpan Mukherjee in Mumbai; Editing by
Quentin Bryar)
(([email protected]; +852 2843 6548; Reuters Messaging:
[email protected]))
Keywords: MOSERBAER IPO/