According to IPOHome.com, JA Solar was one of this year's biggest winners with a return on the IPO price of more than 100 percent. JA Solar and its China-based competitors have lured investors with low manufacturing costs compared with U.S. and European solar-cell producers.

That sector still hasn't reached its exhaustion point, said New Energy's Liebreich. Other Chinese solar cell makers may yet come to market and will likely be followed next year by Chinese manufacturers of silicon, the raw material from which solar cells are made.

In North America, Merrimack, N.H.-based GT Solar International Inc., which makes solar cell manufacturing equipment, in April filed an initial registration statement with SEC. Canadian solar cell maker Photowatt Technologies Inc. in February filed to sell 10.9 million shares in a price range of $15 and $17.

But despite solar companies' rush to the public markets, Jefferies & Co. analyst Jeffrey Bencik says the investment boom isn't likely a bubble.

"Solar companies, once they're ramped up, they're solidly profitable," he said. "This is not the Internet bubble. These companies have real products and real profits."