Daqo New Energy announces IPO pricing on the Shanghai Stock Exchange

Daqo currently produces around 70,000 metric tons of polysilicon a year, with a further 35,000 expected onstream in Q1 2022. Image: Daqo New Energy

Polysilicon provider Daqo New Energy has applied for an initial public offering (IPO) of its major operational subsidiary Xinjiang Daqo New Energy on the Shanghai Stock Exchange’s Sci-Tech innovation board (STAR Market).

Xinjiang Daqo plans to release 300,000,000 shares, representing 15.58% of the total shares outstanding after the IPO, at RMB21.49 per share. The IPO is estimated to raise roughly RMB6.45 billion in gross proceeds. After the IPO, Daqo will still own 80.7% of Xinjiang Daqo.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In June, Daqo saw its IPO plans progress after completing its registration with the China Securities Regulatory Commission (CSRC). The raise is being used for planned expansions.

In the IPO, 90,000,000 shares will be issued to “cornerstone investors” in China, with some also going to Abu Dhabi Investment Authority.

The final share placements and allocations are expected to be confirmed on 16 July. Xinjiang Daqo will be officially listed on the STAR Market on 22 July.

Daqo’s current annual polysilicon production stands at 70,000 metric tons, however capacity for a further 35,000 metric tons is due to come onstream in Q1 2022.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Sydney, Australia