ja-solar-gains-after-completing-followon

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.

By Anette Jönsson

October 11, 2007

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 was about four times covered and attracted about 50 to 60 investors, including some existing shareholders. The interest continued in the secondary market last night, pushing the share price to a new intraday record of...

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