Solar Group REC Shines on Debut

Oslo, Norway [Reuters] Shares in Norwegian solar power firm Renewable Energy Corp (REC) (REC.OL: Quote, Profile, Research) soared on their debut on Tuesday, giving one of the world’s leaders in exploiting the sun as an alternative to oil a value of $9.3 billion. Buoyed by prospects for stellar growth, REC shares traded at 115.75 Norwegian crowns ($18.79) per share by 1153 GMT, up 22 percent from an initial public offering (IPO) at 95 crowns which was already at the top of an indicated range. REC said the offering, Norway’s largest since oil group Statoil (STL.OL: Quote, Profile, Research) was listed in 2001 and among the top 10 IPOs in the world so far this year by raising $1.08 billion, was 15 times oversubscribed. …
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