May 27 (Renewables Now) - The final offer price for the stock of Xinyi Energy Holdings Ltd, the Chinese solar power firm to be listed on the Hong Kong Stock Exchange (HKEX) on May 28, is HKD 1.94 per share.
At that price, the market capitalisation of Xinyi Energy would be roughly HKD 12.9 billion (USD 1.64bn/EUR 1.47bn), its parent company, solar glass maker Xinyi Solar Holdings Ltd (HKG:00968), said today.
The company is selling 188.3 million shares in Hong Kong and over 1.69 billion international offer shares as part of its initial public offering (IPO). The final price is closer to the low end of the previously announced pricing range of HKD 1.89 to HKD 2.35 per share. The IPO proceeds will be of around HKD 3.64 billion.
Xinyi Energy holds and operates a portfolio of 954 MW of utility-scale ground-mounted solar farms in China and is to acquire 540 MW more with the funds raised in the IPO. Immediately after the listing, Xinyi Solar will hold 53.7% of Xinyi Energy’s shares. The latter will trade with a stock code “HKG:03868”.
(HKD 10 = USD 1.28/EUR 1.14)