gclpoly-upsizes-placement-to-475-million

GCL-Poly upsizes placement to $475 million

The placement gives investors the first opportunity to invest in the company since its transformational acquisition in June.

GCL-Poly Energy raised HK$3.6 billion $475 million via a placement late on Monday night. The deal comes just a month after the company announced the transformational acquisition of polysilicon producer Jiangsu Zhongneng Polysilicon Technology Development.

The deal started with an offering of 970 million new shares, which would have netted around $365 million. A fully exercised upsize option increased the deal size by 33%, bringing the final number of shares sold to 1.3 billion.

One source said that there was talk of increasing the size of the offering even further, beyond the details laid out on the termsheet. The management remains bullish on the company's share price, so it decided that it might...

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