Chinese solar company Daqo New Energy Corp (NYSE: DQ) debuted on the New York Stock Exchange today.
The company raised about $76 million on the sale of 8 million American Depository Shares (ADS) at a price of $9.50–lower than the $12.50 to $14.50 range targeted in January.
The shares began selling on the market at $9.98, 5.1% higher than the initial price, and rose to $10.43 in early trading.
Daqo manufacturers polysilicon–the raw material used to make photovoltaic solar panels–and wafers. The company aims to become a vertically integrated photovoltaic product manufacturer.
Daqo said it will use proceeds from the IPO to expand its operations.
On Tuesday, China Ming Yang Wind Power Group Ltd (NYSE: MY) made its debut on NYSE.
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