First Solar Inc., a thin film solar manufacture, has set its planned IPO at 17.5 million shares for an estimated price of $17-$19 per share.
The stock will be listed on the Nasdaq under the symbol “FSLR.”
Underwriters Credit Suisse, Morgan Stanley, Piper Jaffray, Cowen and Company, First Albany Capital, and ThinkEquity Partners LLC will have the option to buy an additional 2.63 million shares to cover over-allotments.
First Solar expects to receive $222.8 million in net proceeds. It plans to use $150 million to build a manufacturing facility in Asia, $30 million to fund associated ramp-up costs, and about $26 million to repay debt.
Assuming an offering price of $18 per share, First Solar’s initial market capitalization would be US$1.25 billion.
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