Equities

LDK Solar pulls off $200 million follow-on

By Anette Jönsson | 22 September 2008
Keywords: placement | followon solar | power ubs goldman

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The deal is launched before the opening of US trading on Friday and prices at a 4.55% discount to the previous day's close.

In a surprising move, coming right at the end of one of the most volatile and hectic weeks in recent Wall Street history, LDK Solar succeeded in raising $200.4 million through a follow-on offering. The Chinese solar wafer manufacturer grabbed a window that opened up after its share price rebounded 16% from Monday’s low amid a recovery in the broader market sentiment and the gamble paid off. Demand was even strong enough to allow the deal to be upsized by 26%.

The company initially offered 3.8 million American depositary shares at a 2% to 7% discount to Thursday’s close of $43.74. ...

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