Canadian Solar Bucks Economic Tide With Shanghai Share Offering
- Nasdaq-listed parent picks lagging China market for offering
- IPO valuation exceeds Roth MKM expectations by $280 million
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Shares of CSI Solar Co. are expected to start trading in Shanghai sometime this week or next, making the subsidiary of Nasdaq-listed Canadian Solar Inc. an outlier as China stocks struggle and US renewable energy companies soar.
CSI Solar sold 541 million shares last week to raise 6 billion yuan ($845 million) in China’s fifth-largest initial public offering this year. The stock represents a 15% stake in the company, which will remain majority-owned by Guelph, Ontario-based Canadian Solar.