NEW YORK (Reuters) – Chinese solar company JinkoSolar Holding Co Ltd (JKS.N) priced shares in its initial public offering at the bottom of the expected range on Thursday, according to an underwriter.
The company sold 5.84 million American Depositary Shares for $11 each, raising about $64.19 million. It had planned to sell 5.84 million ADS for between $11 and $13 after shelving its plans for an IPO in February.
Before the company shelved its IPO it had planned to sell 10.6 million ADS for $6 to $8 each.
The updated filing also showed changes in the underwriters.
The original January IPO filing was underwritten by Goldman Sachs (Asia) and Credit Suisse. An April filing showed Credit Suisse as the sole underwriter. The most recent prospectus adds Oppenheimer & Co, Roth Capital Partners and Collins Stewart to the roster.
JinkoSolar, which makes silicon wafers, solar cells and solar modules, posted declines in both revenue and net income attributable to common shareholders in 2009. It said it would use proceeds from the offering to expand its manufacturing, for research and development, and for working capital.
Chinese solar companies are seizing on increased demand for solar products as developers rush to install projects before planned cuts to solar subsidies in Germany take effect. The companies are well-positioned to compete on price, analysts said.
JinkoSolar shares are expected to begin trading on the New York Stock Exchange on Friday under the symbol “JKS”. (Reporting by Clare Baldwin in New York, additional reporting by Dana Ford in Los Angeles, editing by Leslie Gevirtz)
peHUB Note: JinkoSolar had raised $35 million in 2008 from CIVC, Shenzhen Capital Group Co. and Pitango Venture Capital.