ReneSola Ltd, a Chinese manufacturer of solar wafers, today announced that its initial public offering of 10,000,000 American Depositary Shares (ADS), each representing two ordinary shares of the company, was priced at $13.00 per ADS. The ADSs will begin trading on the New York Stock Exchange on January 29, 2008 under the ticker symbol "SOL."
Of the 10,000,000 ADSs sold in the offering, 9,212,500 ADSs were sold by ReneSola, and 787,500 ADSs were sold by certain selling shareholders. The underwriters have been granted a 30-day option to purchase up to 712,500 additional ADSs from ReneSola and an aggregate of 787,500 additional ADSs from the selling shareholders to cover over-allotments.
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. acted as joint book runners and Piper Jaffray & Co., Lazard Capital Markets LLC and Oppenheimer & Co. Inc. acted as co-managers for the offering.
The American Depositary Receipt Facility of ReneSola will be available after the closing of this offering, which is expected to be on or about February 1, 2008. The Bank of New York has agreed to waive the ADS issuance fee, which is typically $0.05 per ADS, for three months from the date of listing. During this period, holders of shares traded on the AIM of the London Stock Exchange are eligible to deposit their shares with The Bank of New York Mellon for conversion into ADSs for no additional fee.
About ReneSola
ReneSola Ltd is a Chinese manufacturer of solar wafers primarily used in the production of solar cells. ReneSola maintains dedicated raw material procurement personnel in China, the United States and Singapore and possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola’s shares are currently traded on the AIM of the London Stock Exchange under ticker "SOLA.L."
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