China's Daqo New Energy Seeks $115 Million IPO After Postponing Offering
Daqo New Energy Corp., a maker of polysilicon materials for solar panels, will seek to raise $115 million in a U.S. initial public offering after shelving plans for a smaller sale earlier this year.
Daqo will offer 8 million American depositary receipts at $10.50 to $12.50 each with an overallotment option of 1.2 million ADRs, according to a filing with the Securities and Exchange Commission. The Chongqing, China-based company postponed an IPO seeking $82.2 million in January, filings show.
The supplier to China-based solar-cell makers increased its planned offering after SouFun Holdings Ltd. of Beijing posted this year’s second-biggest first-day rally for a U.S. IPO on Sept. 17. Daqo will use the proceeds to expand its manufacturing capacity, according to the filing.
Morgan Stanley in New York will lead the sale, while Minneapolis-based Piper Jaffray Cos. will help arrange the deal, the filing showed. Piper Jaffray, Lazard Ltd. and Needham & Co. of New York were the underwriters for the offering that was pulled in January, while Morgan Stanley wasn’t involved, according to filings.
Trony Solar Holdings Co., the Shenzhen, China-based maker of solar modules, plans to raise as much as $223 million in a Hong Kong IPO, according to a prospectus today. The company in August withdrew plans for a U.S. offering, SEC filings show.
Three Chinese companies are scheduled to sell shares in U.S. initial offerings next week, helping to make it the busiest week for IPOs in the U.S. this year, according to data compiled by Bloomberg. Nine companies are seeking to raise about $2.8 billion, the data show.
To contact the reporter on this story: Lee Spears in New York at lspears3@bloomberg.net.
To contact the editor responsible for this story: Daniel Hauck at dhauck1@bloomberg.net.
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