JA Solar gains after completing follow-on
The $266 million debut follow-on is priced at a 2.2% discount but triggers a 5.6% rally in the secondary market.
Nasdaq-listed solar cell manufacturer JA Solar Holdings priced its marketed follow-on offering at a 2.2% discount to WednesdayÆs close, allowing it to raise a total of $266 million. Only 63% of the shares on offer were new, however, which means not all the proceeds went to the company.
This was the first offering of shares in China-based JA Solar since it went public in February this year and the sale met with strong demand. According to one source, the deal...
To continue reading, please login or register for free