SunPower Corp. (Sunnyvale, CA), a silicon solar-cell company and a subsidiary of Cypress Semiconductor Corp., announced that it has filed an initial public offering to sell up to $115 million in Class A common stock. Details about the number of shares to be offered or an estimated price range for the IPO were not disclosed in the filing with the Securities and Exchange Commission.
SunPower reported that it intends to use the net proceeds from the IPO for the expansion of its manufacturing and for general corporate purposes. The company plans to list its Class A common stock on the Nasdaq National Market under the symbol SPWR. The $115 million valuation for the IPO was estimated solely for calculating the registration fee, according to the filing. For the six months ended June 30, 2005, SunPower lost $13.57 million. In the previous year, it lost $11.13 million.
