The final steps in SunEdison’s spin-off of its semiconductor business – through which the company was originally founded before its ascent to being the biggest renewable energy developer in the world – look set to go ahead. 

The sale could raise as much as US$290.8 million, after SunEdison Semiconductor announced that it will make 15.9 million shares of common stock currently held by shareholders available to the public. With 10.6 million of the shares, SunEdison Inc. could pocket US$193 million. Subsidiaries of Samsung own the remaining 5.3 million shares to be offered. The shares will be priced at US$18.25 per share, the company said. SunEdison Semiconductor, which makes polysilicon wafers, will not receive the proceeds of the sale.

The offering is expected to closed by 1 July, with Deutsche Bank Securities and Goldman Sachs managing the sale as lead book-runners. In addition, Morgan Stanley, Credit Suisse and Barclays Capital will also act as book-runners. Details have been filed with the US Securities and Exchanges Commission (SEC).

The decision to get rid of the semiconductor arm of the business has been known about for some time. The August 2013 announcement caused a surge in share prices for SunEdison stock, PV Tech wrote, also reporting on the then-ongoing consolidation process of its manufacturing operations early last year.