Hangzhou, China – Xinzi, a prominent Chinese manufacturer of solar photovoltaic (PV) module encapsulation films, has substantially increased the proposed deal size for its upcoming initial public offering (IPO) on the Nasdaq. The company announced Tuesday its revised plan to raise $19 million by offering 3.8 million shares at a price range of $4 to $6, marking a 150% increase in anticipated proceeds from its previously filed 1.5 million shares. This significant upsizing reflects strong investor appetite for critical components within the rapidly expanding global solar energy sector.

Xinzi, operating through its PRC entity Hangzhou Xinzi, specializes in the research, development, production, and sale of transparent encapsulation films essential for PV modules. Its core product portfolio includes transparent EVA (Ethylene-vinyl acetate) films, white EVA films, POE (Polyolefin Elastomer), and EPE (Expandable Polyethylene) co-extruded films. These materials are crucial for protecting solar cells from environmental degradation, ensuring module longevity, and maintaining performance efficiency over their operational lifespan. The quality and durability of encapsulation films directly impact the overall reliability and yield of solar power installations.

Founded in 2016, Xinzi has rapidly established itself in the competitive solar supply chain, capitalizing on the robust demand for PV components driven by global decarbonization efforts. For the 12 months ended December 31, 2024, the company reported $25 million in revenue, demonstrating its operational scale and market penetration. The decision to list on the Nasdaq under the symbol XZ, with Revere Securities serving as the sole bookrunner, provides Xinzi with access to international capital markets, facilitating potential expansion of its production capabilities and further investment in research and development.

This increased IPO size is indicative of a broader trend where investors are increasingly looking to allocate capital across the entire renewable energy value chain, beyond just module manufacturing or project development. Companies providing essential, high-performance materials like encapsulation films are seen as foundational to the industry's growth. This capital infusion will enable Xinzi to potentially scale its operations, enhance product innovation, and solidify its position as a key supplier in the global solar industry, supporting the continued deployment of PV technology worldwide. The successful execution of this IPO could also pave the way for other specialized component manufacturers to seek public listings, diversifying investment opportunities in the clean energy sector.