Jolywood Suzhou Sunwatt’s raises USD-62.8m in Shenzhen IPO
Sep 2, 2014 - Chinese firm Jolywood Suzhou Sunwatt Co Ltd (SHE:300393) closed on Monday its offering on the Shenzhen Stock Exchange, raising some CNY 385.7 million (USD 62.8m/EUR 47.8m).
The company, which produces photovoltaic (PV) encapsulation materials, sold 23.49 million new shares and 6.39 million existing shares in the initial public offering (IPO) at CNY 16.42 apiece, the company said in a bourse filing. The firm will use the proceeds to increase its production volume and develop new products and materials.
The shares, offered on the online platform of the Shenzhen bourse, attracted 171 times more bookings than anticipated. As a result, online purchases totalled 21.1 million shares, or 70.75%, of the total in the IPO.
The company, set up in 2008, has a production facility and an R&D centre in the eastern province of Jiangsu, close to Shanghai. It is the first Chinese company to get a TUV Rheinland certification for its solar module backsheet, the testing organisation said.