Canadian Solar subsidiary starts trading on Shanghai bourse

June 9 (Renewables Now) - CSI Solar Co Ltd, a majority-owned unit of Canadian Solar Inc (NASDAQ:CSIQ), has finalised its initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising total gross proceeds of about CNY 6 billion (USD 842m/EUR 789m).

As part of the listing, the company has issued 541 million shares at CNY 11.10 apiece, representing a 15% post-transaction interest. It has also provided the principal underwriter with a 30-day option to buy up to an additional 81.16 million shares. Assuming that this over-allotment option is exercised in full, Canadian Solar will own about 62% of CSI Solar following the IPO.

CSI Solar, one of Canadian Solar’s two main businesses, is involved in solar module manufacturing and operates as a total system solutions provider. As of today, the firm trades on the Sci-Tech Innovation Board under the stock code “688472”.

(CNY 1.0 = USD 0.140/EUR 0.131)