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UPDATE 3-Solar company STR Holdings up over 9 pct after IPO

Sat Nov 7, 2009 3:13am IST
 
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* IPO priced below target range

* IPO priced a day later than expected

* Shares close up $3.10, or 31 pct, at $13.10 (Updates shares, board members, adds dateline LOS ANGELES)

NEW YORK/LOS ANGELES, Nov 6 (Reuters) - Stock in STR Holdings Inc (STRI.N: Quote, Profile, Research) soared more than 30 percent on Friday after its initial public offering -- the first U.S.-listed IPO from a solar company in 15 months.

Shares of STR closed up $3.10, or 31 percent, in trading on the New York Stock Exchange, after opening at $10 per share.

Earlier in the day, STR priced its IPO of 12.3 million shares at $10 a share, below the target range and a day later than expected.

The Enfield, Connecticut-based company, which makes parts called solar power module encapsulants, started trading on the NYSE under the symbol STRI.

On Thursday, it had cut the price range of the IPO -- the first from a U.S.-listed solar company in more than a year -- to between $11 and $13, down from a previous estimate of $13 to $15 price.

The company also said on Friday that two new members joined its board of directors -- Scott Brown, chief executive at New Energy Capital LLC, and Andrew Leitch, who previously was an audit partner at Deloitte & Touche LLP. The company expanded its board to eight members as part of its public offering.  Continued...

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