Canadian Solar unit targets USD 845m in Shanghai IPO
- CSI Solar Co Ltd, a majority-owned unit of Canadian Solar Inc (NASDAQ: CSIQ), will certainly look for to increase CNY 6 billion (USD 845.4 m/EUR 790.4 m) gross in its going public (IPO) in Shanghai, the parent company stated on Tuesday.
The subsidiary's stock is prepared to be listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange. Under the deal, removed by Chinese regulatory authorities at end-2021, regarding 541.1 million shares will certainly be issued at a price of CNY 11.10 apiece.
The transaction's experts will be approved a 30-day option to purchase an extra 81.2 million. Supplied that this choice is worked out completely, CSI Solar will certainly have sold 622.2 million shares, equal to approximately 17% of its impressive stock complying with the placement.
CSI Solar, among Canadian Solar's two major businesses, is involved in solar module manufacturing and operates as a total system solutions company. Presently, Canadian Solar has about 80% of CSI Solar's outstanding stock, with the stake to be lowered to 64% if the over-allotment choice is not worked out and to 62% if it is completely worked out.
Memberships will certainly be approved from May 31, with the last IPO share placement and also share appropriation as a result of be validated on June 5.
