The Renewable Energy Company ASA has closed the latest public share offering for its new division, REC Solar.
After REC divided its manufacturing and sales operations to create REC Silicon and REC Solar, and placed REC Solar on the Oslo stock exchange for initial public offering (IPO), the company said 36,630,795 shares have been subscribed to.
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The remaining 3,369,205 shares are to be allocated to pre-existing shareholders under a previous agreement to purchase any of the remaining 40 million shares by the public offering deadline. Out of REC Solar’s share capital of NOK40 million (US$6.755 million), the shares will be divided into 40 million, at NOK1.00 each (US$0.17).
REC will notify the allocation of offer shares and payment details for each subscriber today, the payment deadline is 23 October.
Once all transactions are completed, REC Solar is expected to be listed on the stock exchange, around the 25 October.
Bids opened to existing shareholders 23 September, and for public offers from 4 October, ending on 18 October.
The stock exchange registration was approved 3 October.
REC will not own any of the shares after the IPO is completed, and REC Solar will be debt free. All REC operations in silicon are to continue in Moses Lake and Butte, US.
Luc Graré, REC Solar’s senior vice president for sales and marketing recently told PV Tech that gains from the split at REC would allow the company to reinvest in research and development. Graré said the main benefit of splitting the company was greater flexibility for finance and the ability for both companies to grow.