The American depositary receipts, which represent one ordinary share, will be sold for $3.50 apiece, the Baoding, China-based company said in a statement today. Underwriters of the sale will have a 30-day option to buy as many as 3.75 million more shares.
The company expects $83 million in proceeds, $55 million of which it will use for a fund to invest in solar farms in China. Yingli is building solar projects to diversify its operations after the price of panels plunged.
Yingli, which closed yesterday at $4.22, fell 13 percent to $3.68 at the close in New York, the most decline since May 22.
Deutsche Bank AG (DBK) and Goldman Sachs Group Inc. are acting as the joint bookrunners for the offering and HSBC Holdings Plc is acting as a co-manager.
To contact the reporter on this story: Ehren Goossens in New York at firstname.lastname@example.org
To contact the editors responsible for this story: Reed Landberg at email@example.com Tina Davis, Jasmina Kelemen