Shares of GT Solar, seen as a potential harbinger of an improving IPO climate, stumbled 11 percent to $14.70 Thursday in its Nasdaq debut.

The Merrimack, New Hampshire, company’s IPO raised almost $500 million, none of which will go to the company. Instead, the proceeds will go to selling shareholders, primarily its Los Angeles-based private equity owners GFI Energy Ventures and Oaktree Group.

Solar and other green technology companies have captured investors’ imagination, but macroeconomic concerns continue to hover over the markets. In 2008, only credit card giant Visa and three other companies, have seen their stock close above the IPO price on the first day of trading, observed Scott Sweet, senior managing partner at IPO Boutique.

Credit Suisse Securities and UBS Securities were co-lead underwriters for the deal. Also participating were Banc of America Securities, Deutsche Bank Securities, Piper Jaffray & Co. and Thomas Weisel Partners.

In the fiscal year ended March 31, GT Solar reported a profit of $36.1 million on revenue of $244.1 million. That compared to a net loss of $18.4 million on revenue of $60.1 million the prior year.

Analysts noted, however, that only three companies accounted for almost 60 percent of GT Solar’s $1.3 billion order backlog and customer LDK Solar accounted for almost two-thirds of recent sales.

GT Solar makes directional solidification systems used to melt polysilicon and cast ingots that are made into solar wafers and chemical vapor deposition reactors used to produce polysilicon.

Competitors include MEMC Electronic Materials, Mitsubishi Electric and semiconductor equipment maker Applied Materials.

GT Solar is trading on the Nasdaq Global Market under the ticker symbol “SOLR.”

GT Solar’s debut follows a second quarter when major U.S. markets failed to produce a single venture-backed IPO.