Swedish solar energy company Azelio AB filed for up to 300 million krona ($32.9 million) initial public offering (IPO).

Azelio expects to offer up to 13.64 million new shares at a fixed price of $2.42 each, totalling to about 30 percent, prior to the offering valued at $75.8 million.

Azelio plans to use the proceeds from the IPO to finance the continued industrialisation of the system’s design, construction and production over the next two years.

The offering is expected to start on December 10, 2018.