Mingyang Electric has reportedly become the latest Chinese wind turbine firm to seek an initial public offering (IPO) in the US in attempt to fund rapid expansion plans.
International Financing Review reported that the company, which is one of the five largest wind turbine suppliers operating in the booming Chinese market, is looking to raise $500m through a listing next month.
Bank of America, Merrill Lynch, Credit Suisse Group AG and Morgan Stanley are reportedly working on the IPO.
The move will further add to the mixed signals surrounding the global IPO market for clean-tech firms.
A number of clean-tech firms have defied downbeat investor sentiment to pull off listings this year with US-based electric car firm Tesla leading the way with a $226m IPO that far exceeded expectations.
There is also burgeoning interest in China-based wind turbine manufacturers such as Mingyang Electric who dominate the world's largest market for wind turbines.
However, rival wind turbine manufacturer Xinjiang Goldwind Science & Technology Co Ltd was forced to postpone a planned $1.17bn IPO on the Hong Kong stock exchange as a result of volatile market conditions and a number of US clean tech IPOs have either underperformed or been cancelled since the start of the year.
In related news, global wind turbine manufacturing giant Vestas continued its push into the Chinese market today with the announcement that it has secured a 36MW order for 18 V80-2.0 MW turbines from China Longyuan Power Group.
