Bookrunner Credit Suisse raises funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 5 – Daqo New Energy Corp. said it priced a $30.03 million registered follow-on offering of American Depositary Shares with a $1.5 million greenshoe.
The company will sell 1.54 million ADS at $19.50 per ADS. The price per ADS reflects a 12.28% discount to the Feb. 4 closing share price of $21.86.
Each ADS represents 25 ordinary shares.
Duke Elite Ltd. will buy 1,025,641 ADSs in this offering for $20 million.
Credit Suisse Securities (USA) LLC is the bookrunner.
Proceeds will be used for general corporate purposes, including studying the feasibility of business expansion, and working capital.
The polysilicon manufacturer is based in Chongqing, China.
Issuer: | Daqo New Energy Corp.
|
Issue: | American Depositary Shares
|
Amount: | $30.03 million
|
Greenshoe: | $1.5 million
|
Shares: | 1.54 million
|
Price: | $19.50
|
Warrants: | No
|
Bookrunner: | Credit Suisse Securities (USA) LLC
|
Investor: | Duke Elite Ltd. (for $20 million)
|
Pricing date: | Feb. 5
|
Stock symbol: | NYSE: DQ
|
Stock price: | $21.86 at close Feb. 4
|
Market capitalization: | $173.49 million
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.