China Securities Regulatory Commission (CSRC) passed Sinovel's plan to issue 105.1 million shares, totaling 10.46 percent of its gross equities. The exact timetable for the offering has not been released.
The aim is to raise CNY3.5 billion ($525 million). Sinovel said it will use the funds to develop 3MW turbines and production facilities, and offshore transportation bases.
The IPO's approval by the CSRC comes less than two months after the regulator postponed the plan after stating "certain issues need further checking."
At the time, industry experts believed the CSRC was being prudent because Sinovel does not have a shareholder with a controlling interest. At Sinovel no shareholder has a stake above 20%.
Sinovel's market share has risen sharply since it was launched in 2006. According to the China Wind Energy Association, the company occupied 20.57% of the Chinese sector in 2007.
In 2008, this figure rose to 22.45%, allowing it to overtake the then number one Chinese manufacturer, Goldwind. In the process, Sinovel also became the seventh largest turbine manufacturer in the world.
Sinovel said it currently has over 10GW orders in the pipeline. In contrast, as of the end of September, Goldwind had 5.33GW.
Last week China's second and third largest wind farm operators, Datang and Huaneng, launched IPOs on the Hong Kong Stock Exchange. In October, Goldwind brought in HK8 billion with an IPO.
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