Canadian Solar Inc. (Nasdaq: CSIQ), which is incorporated in Canada, but headquartered in China, raised $115.5 million in an IPO Wednesday with shares priced at the top of the forecast range.
The 7.7 million share offering represents 28% of the company’s shares and sold for $15 per share. The company sold 6.3 million shares. Canadian Solar has an initial market capitalization of about $409 million.
The solar module manufacturer will plans to use the proceeds to buy silicon and solar cells, to expand manufacturing and for general corporate purposes.
According to the IPO prospectus, ATS Automation Tooling Systems Inc. holds 8.9% and HSBC Holdings Plc. holds 17.1%.
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