Skycorp Solar Group said Tuesday it priced an initial public offering of 2 million shares at $4 per share.

The supplier of solar cables said it expects to raise gross proceeds of $8 million from the IPO with shares expected to start trading Tuesday on Nasdaq under the "PN" ticker.

Underwriters were granted a 45-day option to buy up to an additional 300,000 shares at the offering price, according to the company.

Skycorp said 30% of the proceeds will be used for expanding product lines and services, another 30% for strengthening research and development capabilities, 20% for improving brand recognition, and 20% for working capital and general corporate purposes.

The company expects to close the offering on Wednesday.