Daqo New Energy to price IPO of major polysilicon unit on July 9
Source: Shanghai Stock Exchange
Daqo New Energy Corp (NYSE:DQ) on Monday said that its major subsidiary Xinjiang Daqo New Energy will issue 300 million shares as part of its listing on Shanghai Stock Exchange's Sci-Tech innovation board, with the subscription set for July 13.
The volume on offer will represent about 15.58% of the total 1.93 billion shares outstanding after the initial public offering (IPO). Daqo New Energy currently holds a 95.6% equity interest in Xinjiang Daqo.
According to the updated prospectus, a roadshow with potential investors is due to be held between July 5 and July 7, while the pricing of the deal will be announced on July 9. The final IPO share placement is scheduled for July 16, with results from the transaction will be available on July 19.
Xinjiang Daqo is the main operational subsidiary of Daqo New Energy and brings the majority of the polysilicon maker’s net profit and revenue.
Commenting on the planned floatation, Daqo New Energy's CEO said: "This is a significant milestone which will enable us to further strengthen Xinjiang Daqo's leadership in the global polysilicon industry through ongoing capacity expansion, increasing product quality and continuous innovation to further contribute to building a sustainable and carbon neutral world."
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.