Chinese solar wafer manufacturer listed on NYSE
Updated: 2008-01-30 11:04
ReneSola Ltd, a Chinese solar wafer manufacturer, began trading Tuesday on the New York Stock Exchange.
The company's initial public offering price was $13 per American Deposit Share (ADR), the IPO totaled 10 million ADS.
ReneSola makes solar wafers, thin sheets of crystalline silicon material primarily used to produce solar cells. The company's customers include JA Solar Co, Motech Industries Inc, Solarfun Power Holding Ltd, Suntech Power Co Ltd and Topco Technologies Corp.
ReneSola plans to use the net proceeds from its portion of the offering to expand the company's solar wafer manufacturing plants and to buy more equipment for its wafer capacity expansion plan in 2008.