Daqo New Energy reveals IPO rates on the Shanghai Stock Exchange

• Polysilicon service provider Daqo New Energy has gotten an initial public offering (IPO) of its major operational subsidiary Xinjiang Daqo New Energy on the Shanghai Stock Exchange's Sci-Tech development board (STAR Market).

Xinjiang Daqo prepares to release 300,000,000 shares, standing for 15.58% of the total shares impressive after the IPO, at RMB21.49 per share. The IPO is approximated to raise about RMB6.45 billion in gross proceeds. After the IPO, Daqo will still own 80.7% of Xinjiang Daqo.

In June, Daqo saw its IPO intends progression after finishing its enrollment with the China Securities Regulatory Commission (CSRC). The raise is being made use of for intended expansions.

In the IPO, 90,000,000 shares will certainly be provided to "cornerstone investors" in China, with some likewise mosting likely to Abu Dhabi Investment Authority.

The last share positionings as well as appropriations are expected to be validated on 16 July. Xinjiang Daqo will be officially noted on the STAR Market on 22 July.

Daqo's existing annual polysilicon manufacturing stands at 70,000 metric lots, however capacity for a more 35,000 metric heaps is because of come onstream in Q1 2022.