Wednesday, January 30, 2008

IPO REPORT: China's ReneSola Prices At Discount In Solar Energy Deal (SOL; JASO; SOLF; STP)

From Dow Jones via CNN Money:

ReneSola, the China manufacturer of silicon wafers for solar power cells, priced its U.S. stock offering at a discount Tuesday and the shares rose in the open market.

The company debuted in the U.S. in the wake of recent weakness in alternative- energy shares.

ReneSola (SOL) offered 10 million American depositary shares at $13 each, raising $130 million via underwriters Credit Suisse and Deutsche Bank Securities. The stock closed at $12.99, down a penny, in its first day of trades.

The IPO priced at a 9.7% discount to the company's closing price Monday on the AIM market on the London Stock Exchange, according to Renaissance Capital....MORE