Schott Solar tipped to raise at least 500 million euros

Schott Solar AG is in news for raising as much as 700 million euros ($1 billion) in what is being described as the Europe's biggest initial public offering this quarter.
The company's IPO may be more than twice the size of Europe's largest offering (the 250 million-euro share sale by Germany1 Acquisition Ltd) in the third quarter, according to Bloomberg. The company plans to raise about 500 million euros, and its owners may seek a further 200 million euros by selling part of their stakes. The report attributed the development to "two people with knowledge of the plan", but further details weren't shared.
Recently, a report by Reuters, too, indicated that Schott Solar, by the end of the year, is aiming to raise about 500 million euros to fund further expansion.
Schott Solar more than doubled its operating profit in the nine months through June to 26 million euros ($38.53 million), on sales of 311 million euros, Frankfurter Allgemeine Zeitung said.
The development emerges as the company intends to increase the annual capacity for the production of receivers for solar power plants with parabolic trough technology by the end of 2009 to approximately one gigawatt. The annual production capacity of the joint venture Wacker Schott is also planned to reach one gigawatt by 2012.
Last month, the company shared that its solar business will concentrate management and administration functions at its new company headquarters in Mainz (Germany). The move will allow for a major planned expansion of solar cell production capacity at the company's Alzenau facility.