Tag: alternative energy

The Chinese wind power company prices its Hong Kong IPO at the top to raise $2.3 billion. Private equity fund H&Q raises $55 million as it exits from Korea's Hyunjin Materials, while a pre-IPO investor in US-listed E-House cashes in $26 million. Atlantis Resources acquires Current Resources from Morgan Stanley as it prepares to become the first tidal power developer to set up subsea turbine farms. The small-cap solar cell manufacturer attracts decent demand during the two-day marketing period, but fortunes are reversed as its share price tumbles almost 20% after pricing. A concurrent equity offering that was aimed solely at creating synthetic borrow was priced at a 2.95% discount to the market price. A strong equity story and a share swap to facilitate hedging of the equity option allow the wind power company to achieve a zero coupon and a 30% conversion premium. Promotion of biofuels is politically motivated, but demand for food will make it unsustainable. The bonds are priced with a 36% conversion premium after the stock has fallen 66% since late December. The deal, which will be open for only two days, is offered at a fixed price allowing the solar power company to raise $127 million. The London-listed solar power company prices its US share sale at a 9.8% discount, while E-house kicks off marketing for a follow-on placement of about $150 million. Maoye Department Store aims to raise $905 million as pre-marketing feedback prompts a higher-than-expected valuation, while Solargiga targets $292 million. Pre-IPO shareholders in China High Speed Transmission cash in for $200 million, while Parkson's parent offloads $80.1 million worth of shares. The price is adjusted downwards after the company's shares tumble on the back of a new US energy bill. The upsize option, meanwhile, is partially exercised. The fast-growing wind turbine company attracts strong demand thanks to a relatively low conversion premium and stabilising credit markets. Centron, which provides mobile phone solutions, sells $108 million worth of shares, while wind turbine gearbox maker China High Speed Transmission pockets $272 million. The manufacturer of wind turbine gearboxes comes to market amid expectations of strong growth in China's wind power sector. The share price slips on debut as jittery sector sentiment persists, but the integrated player's long-term prospects are seen as attractive. The Chinese integrated solar power player seeks to raise up to $377 million on the NYSE from the sale of around 23% of the company. The solar cell manufacturer raises $210.8 million to diversify upstream through a deal that will significantly increase its international ownership. Motech Industries is hoping that by adding more international shareholders to its register and diversifying upstream, the company's valuation will be lifted.