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...

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