Daqo New Energy set for IPO after clearing CSRC registration

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One of Daqo New Energy’s existing polysilicon production facilities. Image: Daqo New Energy.

Polysilicon manufacturer Daqo New Energy is set to proceed with its initial public offering (IPO) after completing its registration with the China Securities Regulatory Commission (CSRC).

Earlier this month Daqo said that its application had been filed with the CSRC, also revealing as part of that process that it expected to record a 50% leap in sequential revenue this year.

Having now completed the registration of its IPO with the CSRC, Daqo said the issuance process would begin soon, kickstarting the issuance which the company said would complete within four weeks.

The timeline means Daqo looks to be on track to list on the Shanghai Stock Exchange’s Sci-Tech innovation board, otherwise known as the STAR market, on schedule next month.

Longgen Zhang, chief executive at Daqo New Energy, said the IPO would strengthen the company’s position in the polysilicon supply market while allowing it to invest further in R&D and quality improvements.

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.

Prospective prices for Daqo’s IPO and expected proceeds have yet to be disclosed.

The listing comes amidst a flurry of investment activity in polysilicon production as the industry looks to both rapidly expand production capacity and lock-in supply chains. Late last week Xinte Energy revealed both JinkoSolar and JA Solar were to invest in a new 100,000 ton production facility in Inner Mongolia, giving the two module manufacturers priority over the polysilicon it produced.

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