Canadian Solar subsidiary CSI Solar has raised approximately RMB6 billion or approximately $850 million from its initial public offering (IPO) at the Shanghai Stock Exchange.
CSI Solar issued 541,058,824 shares, representing 15 percent of 3,607,058,824 shares after the IPO. In addition, CSI Solar has granted the principal underwriter of the IPO a 30-day option to purchase up to an additional 81,158,500 shares of CSI Solar to cover over-allotments. The total shares issued by CSI Solar will be 622,217,324, representing approximately 17 percent of 3,688,217,324 shares, assuming that the over-allotment option is exercised in full.
CSI Solar has issued the shares at a public offering price of RMB11.10 per share. Immediately after the IPO, Canadian Solar owns approximately 64 percent of CSI Solar, assuming the over-allotment option is not exercised, or approximately 62 percent of CSI Solar, assuming that the over-allotment option is exercised in full.