July 6 (Renewables Now) - Chinese solar-grade polysilicon producer Daqo New Energy Corp (NYSE:DQ) said today that its separately-listed major operational subsidiary has successfully completed its private offering on the Shanghai Stock Exchange.
Xinjiang Daqo New Energy (SHA:688303) has raised about CNY 11 billion (USD 1.64bn/EUR 1.59bn) by issuing some 212.4 million shares at CNY 51.79 apiece.
The issued shares represent a stake of around 9.94%, the company said, adding that it beneficially owns about 72.68% of Xinjiang Daqo's shares.
As previously reported, Xinjiang Daqo intends to allocate about CNY 8 billion of the gross proceeds to support a 100,000-tonne polysilicon production expansion in Baotou City, Inner Mongolia, China. The rest of the money will be used to cover the company’s working capital needs.
Daqo’s total polysilicon nameplate capacity currently amounts to 105,000 tonnes.