renesola-completes-us-listing-in-tough-market

Renesola completes US listing in tough market

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.
Renesola, which is already listed on LondonÆs Alternative Investment Market Aim, started trading on the New York Stock Exchange last night after successfully completing its first sale of American depositary shares ADS.

The Chinese company, which makes wafers that are used to produce solar cells, sold 10 million ADS at a price of $13 apiece for a total deal size of $130 million. Credit Suisse and Deutsche Bank were the joint bookrunners. The price translated into a 9.8% discount to MondayÆs closing price in London of ú14.41, after taking into account the exchange rate and the fact that each ADS accounts for two ordinary shares. The company had indicated that the price would...
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