Schott Solar extends IPO subscription deadline

German solar cell manufacturer Schott Solar GmbH, a unit of glass products maker Schott AG, said 30 September 2008 that it extended the subscription period for its initial public offering (IPO) by a w…

German solar cell manufacturer Schott Solar GmbH, a unit of glass products maker Schott AG, said 30 September 2008 that it extended the subscription period for its initial public offering (IPO) by a week to 8 October. The decision was prompted by the recent developments on the international capital markets and especially by the rejection by Congress of an aid package for the US financial sector. The listing will thus be delayed to 9 October 2008, Schott Solar said. Initially, the company intended to debut on the Frankfurt Stock Exchange (FSE) on 19 September 2008 but assumed a time buffer right from the start, choosing the so-called decoupled bookbuilding. On 22 September 2008 Schott Solar said it was postponing the IPO indefinitely because of market volatility. However, on 30 September 2008 the solar cell manufacturer revived plans for going public and said it would float at a price of between EUR 14.50 and 19.50.