Daqo New Energy announces IPO pricing on the Shanghai Stock Exchange

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
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.

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

May 3, 2022
Polysilicon producer Daqo New Energy has received approval from the Shanghai Stock Exchange for a private offering on China’s A-share market to support its capacity expansion.
April 27, 2022
Both GCL Technology and Daqo New Energy have leapfrogged Wacker Chemie in Bernreuter Research’s annual polysilicon top ten rankings, completing a China-based top three.
April 22, 2022
Daqo New Energy recorded a guidance-beating performance in the opening quarter of 2022, cashing in on excess inventory, lower production costs and higher than anticipated average selling prices (ASPs).
March 24, 2022
Vikram Solar has filed draft papers for its initial public offering (IPO) as it looks to raise funds for a 2GW integrated cell and module manufacturing plant in India.
March 23, 2022
Aker Horizons ASA has agreed to sell its remaining shares in Norwegian polysilicon REC Silicon to South Korean chemical company Hanwha Solutions Corporation in what Aker has said is a “major step in rebuilding the US solar supply chain”.
March 21, 2022
Chinese module manufacturer Jolywood Solar has signed an agreement with the government of Taiyuan City, Shanxi Province to construct a high-purity, solar-grade polysilicon factory as it attempts to offset surging raw material costs and push for greater vertical integration.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas