January 27 (Renewables Now) - Jinko Solar Co Ltd (SHA:688223), the principal operating subsidiary of solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS), has completed its initial public offering (IPO) in Shanghai, raising gross proceeds of CNY 10 billion (USD 1.58bn/EUR 1.4bn).
The parent company announced on Wednesday that the shares of Jinko Solar Co, also referred to as Jiangxi Jinko, are trading on Shanghai Stock Exchange's Sci-Tech innovation board as of January 26, 2022. Following the transaction, JinkoSolar owns about 58.62% of the subsidiary.
The IPO involved the issuance of 2 billion shares at CNY 5.00 (USD 0.79/EUR 0.70) apiece, or about 20% of the total 10 billion shares of Jiangxi Jinko outstanding after the listing.
JinkoSolar expects that the listing of its principal unit will further accelerate its growth. "As we continue to scale and grow, having access to capital will boost our competitiveness as we leverage our network and resources accumulated over the years to strengthen our leading position in the global PV industry,” said Xiande Li, JinkoSolar's CEO.
JinkoSolar, a solar module maker with a vertically-integrated solar product value chain, had an integrated annual capacity of 31 GW for mono wafers, 19 GW for solar cells and 36 GW for panels as of September 30, 2021. The company operates nine production facilities around the world.
(CNY 1.0 = USD 0.158/EUR 0.140)