renesola-overcomes-tough-market-to-raise-1845-million

Renesola overcomes tough market to raise $184.5 million

The solar wafer manufacturer prices its follow-on at a 1.3% discount after the share price falls 14.7% during marketing.
Solar wafer manufacturer Renesola has succeeded in raising the capital it needs to fund its planned expansion after a share price recovery on the final three days of the roadshow refocused investor interest in the stock. The follow-on offering of American depositary shares ADS was priced at a tight 1.3% discount to TuesdayÆs close, leading to a total deal size of $184.5 million. If the 15% greenshoe is also exercised, this could increase to as much as $212 million.

The deal, which is only the third equity offering of size by an Asian company listed in the US this year, looked like it might be a real challenge as the share price tumbled 29% in...
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