Neo Solar prices GDR at maximum 10% discount

Taiwanese solar cell manufacturer Neo Solar encounters significant headwinds, including a 20.9% drop in its share price during marketing, but is still able to raise $132.4 million.
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The solar cells manufactured by Neo Solar are used to make solar modules and systems (AFP) </div>
<div style="text-align:left;"> The solar cells manufactured by Neo Solar are used to make solar modules and systems (AFP) </div>

Neo Solar Power Corp, a Taiwanese maker of high-efficiency solar cells, has raised $132.4 million from the sale of its first ever global depositary receipts GDRs.

The solar power sector has been hard hit this year amid significant uncertainty about government subsidies in various markets and the outlook for the global economy in general, and the eight days when Neo Solar was marketing its transaction were no exception. In fact, when the deal priced after the US close on Wednesday, the share price had lost 20.9% since the management hit the road on July 4. It has fallen 48% from its 2011 high in February, which is not...

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