May 23 (Renewables Now) - CSI Solar Co Ltd, a majority-owned unit of Canadian Solar Inc (NASDAQ:CSIQ), has kicked off the roadshow for its initial public offering (IPO) in Shanghai, the parent company said on Monday.
The plan is to list CSI Solar's stock on the Sci-Tech Innovation Board of the Shanghai Stock Exchange. According to its IPO prospectus, it will issue about 541 million shares and will grant the transaction’s underwriters a 30-day option to buy an additional 81.2 million.
Provided that the over-allotment option is exercised in full, CSI Solar will have sold 622.2 million shares, equal to roughly 17% of its outstanding stock following the deal.
The roadshow to potential investors will be carried out between May 23 and May 25. The pricing of the offering will be available on May 29, with subscriptions to be accepted from May 31. The final IPO share placement and share allocation are due to be confirmed on June 5 and the results will be announced on the next day.
CSI Solar, one of Canadian Solar’s two main businesses, obtained clearance for the IPO at the end of 2021. The unit is involved in solar module manufacturing and operates as a total system solutions provider. It aims at 50 GW of ingot, 50 GW of wafer, 60 GW of cell and 75 GW of module production capacity by the end of next year’s first quarter.
Canadian Solar’s Global Energy segment develops and constructs solar power and energy storage systems.