The PV module manufacturing subsidiary of Canadian Solar, CSI Solar, has announced the pricing of its initial public offering (IPO) shares on the Shanghai Stock Exchange.
CSI Solar intends to issue 541,058,824 shares under the IPO, as well as issuing a 30-day option for the principal underwriter of the IPO to purchase an additional 81,158,500 shares to cover potential over-allotments. Each share will be priced at RMB11.1 (US$1.56).
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The total proceeds of the IPO are expected to be around RMB6 billion (US$844.3 million). Solar Module Super League member Canadian Solar currently owns around 80% of CSI’ shares, with that percentage set to fall to approx. 64% if the over-allotment option is not taken, and 62% if it is.
The issuance and subscription date of the IPO is set for today (31 May) with final share placements and allotments to be assigned by 5 June.
In Q1 2023, through CSI Solar, Canadian Solar shipped 6.1GW of solar modules at a 66% year-on-year increase. The dominant markets were China, Brazil, the US, Germany and Spain. Of those shipments, 90MW were provided to Canadian Solar’s own projects.
In January, the company announced plans to expand its cell and wafer manufacturing capacity in China by a further 14GW. This followed an announcement in December last year of plans to focus on mass-market tunnel oxide passivated contact (TOPCon) module production in Q1 2023, and expectations that TOPCon will account for a third of its shipments this year.
