JinkoSolar unit to raise USD 1.57bn in Shanghai IPO
Source: Shanghai Stock Exchange
January 13 (Renewables Now) - JinkoSolar Holding Co Ltd (NYSE:JKS) today announced the pricing of the planned initial public offering (IPO) of its principal operating subsidiary based on which it will raise CNY 10 billion (USD 1.57bn/EUR 1.37bn) in gross proceeds.
The subsidiary, Jinko Solar Co Ltd, also referred to as Jiangxi Jinko, intends to issue 2 billion shares at CNY 5.00 apiece. This represents about 20% of the total 10 billion shares outstanding after the listing on the Shanghai Stock Exchange's Sci-Tech innovation board. Following the IPO, JinkoSolar will own some 58.62% of Jiangxi Jinko.
The solar panel maker noted that about 600 million shares will be issued via direct placement to cornerstone investors such as China National Social Security Fund, Shenzhen Capital Group, China Life Insurance, Taiping Life Insurance, China Insurance Investment Fund, State Power Investment Corporation, China Energy Investment Corporation, among others.
The issuance and subscription date of the transaction is set for January 17, 2022, while the final IPO share placement and share allocations should be confirmed on January 20, 2022.