ReneSola Ltd., a Chinese manufacturer of solar wafers, plans an initial public offering of American Depositary Shares, according to a Securities and Exchange Commission filing Wednesday.

ReneSola did not disclose the expected size or price range of the IPO, but indicated the offering price may total up to $200 million. The company noted that the total offering price was estimated solely to calculate its registration fee and may change.

ReneSola also indicated that some shareholders plan to sell ADS in the IPO.

ReneSola makes solar wafers, which are thin sheets of crystalline silicon material primarily used to produce solar cells. The company's customers include JA Solar Co., Motech Industries Inc., Solarfun Power Holding Ltd., Suntech Power Co. Ltd. and Topco Technologies Corp.

For the nine months ended Sept. 30, Renesola's earnings grew to $25.5 million, from roughly $16 million during the prior-year period. The company's revenue nearly tripled to $152.9 million, from $52.1 million in the first nine months of 2006.

ReneSola plans to use the net proceeds from its portion of the offering to expand the company's solar wafer manufacturing facilities and to purchase additional equipment for its wafer capacity expansion plan in 2008. The company also intends to use some proceeds to invest in polysilicon manufacturing production and to pay for raw materials.

Chief Executive Xianshou Li previously founded Yuhuan Solar Energy Source Co., a manufacturer of solar cell and module products for commercial and residential applications.

The company's shares currently trade on the Alternative Investment Market of the London Stock Exchange, or AIM. ReneSola's stock closed Tuesday at the equivalent of about $17.56 per ADS. ReneSola said its IPO will price within 5 percent to 10 percent of the company's shares on the AIM on the pricing date.

The company said it is taking steps to correct material weaknesses and deficiencies in its internal control over financial reporting, including a lack of adequate financial reporting and accounting resources for the demands of a U.S. IPO.

Credit Suisse and Deutsche Bank Securities are underwriting the IPO. Piper Jaffray, CIBC World Markets and Lazard Capital Markets are also serving as underwriters.