CSI Solar has completed its initial public offering (IPO) and begun trading on the Shanghai Stock Exchange as of June 9th.
Two weeks ago CSI Solar – which is the solar manufacturing subsidiary of Canadian Solar – released the pricing of the shares to be offered in the IPO. They were listed at RMB11.10 (US$1.55) per share, with the total closing revenue of the IPO sitting at approximately RMB6 billion (US$840 million).
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Canadian Solar now owns 64% of CSI Solar, provided that the over-allotment option included in the IPO – which entitles the principal underwriter to purchase an additional 81,158,500 CSI shares to cover any over-allotment – is not taken. The parent company’s ownership will drop to 62% if the over-allotment option is taken.
In Q1 of this year, via CSI Solar, Canadian Solar shipped 6.1GW of modules, largely to China, Brazil and the US. Elsewhere in its business, April saw the company consolidate its global solar development business under the moniker of Recurrent Energy, which previously handled only its North American operations.
According to a recent PV Tech article, Canadian Solar currently has 35GW of solar cell production capacity, placing it amongst the top producers worldwide.
