LDK Solar Co., a Chinese maker of solar panels, plans to sell 12 million American Depositary Shares listed on the New York Stock Exchange.
LDK said it expects to grant underwriters an over-allotment option to purchase up to an additional 15 percent of the total shares offered, the Xinyu, China-based company said yesterday in a statement. Each ADS represents one ordinary share in the company.
The company, whose shares have gained 29 percent in New York trading this year, plans to use the proceeds for general corporate purposes, the statement said, without giving details. Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and UBS AG will act as joint book runners for the offering, it said.
LDK Solar said earlier this month it would acquire a 70 percent stake in Solar Power Inc., based in Sunnyvale, California. The company also announced this month it will build new plants in California and Ontario to meet increasing demand in North America.