Daqo New Energy's main unit completes USD-1bn IPO in China

Chinese currency. Author: faungg's photos. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

July 21 (Renewables Now) - The major operational subsidiary of polysilicon maker Daqo New Energy Corp (NYSE:DQ), has finalised its initial public offering (IPO) in China, raising about CNY 6.45 billion (USD 998m/EUR 844m).

As of July 22, Xinjiang Daqo New Energy trades on the Shanghai Stock Exchange's Sci-Tech innovation board. The first day of trading ended with Xinjiang Daqo's shares closing at CNY 61.11 per share, which is a 184.4% jump as compared to the IPO price of CNY 21.49 apiece.

The firm has issued a total of 300 million shares, or about 15.58% of the total shares outstanding after the offering. As a result, Daqo New Energy owns a stake of some 80.7% in Xinjiang Daqo following the listing.

Xinjiang Daqo is the main unit of Daqo New Energy, generating the majority of the polysilicon maker’s net profit and revenue.

(CNY 1.0 = USD 0.155/EUR 0.131)

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