CSI Solar reveals proposed pricing of RMB 6 bn IPO

CSI Solar array

Canadian Solar subsidiary CSI Solar has revealed that the Shanghai Stock Exchange has announced the pricing of the IPO of CSI Solar’s shares.

CSI Solar plans to issue 541,058,824 shares, representing 15 percent of 3,607,058,824 shares outstanding immediately after the IPO.

In addition, CSI Solar plans to grant 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, if any.

CSI Solar plans to issue 622,217,324 shares, representing approximately 17 percent of 3,688,217,324 shares outstanding immediately after the IPO, assuming that the over-allotment option is exercised in full.

The proposed pricing of the IPO is RMB 11.10 per share. The estimated total gross proceeds of the IPO are expected to be approximately RMB 6 billion. Currently, Canadian Solar owns approximately 80 percent of CSI Solar’s outstanding shares.

Immediately after the completion of the IPO, Canadian Solar will own approximately 64 percent of CSI Solar, assuming the over-allotment option is not exercised, or approximately 62 percent of CSI Solar. The issuance and subscription date of the IPO is expected to be May 31, 2023. The final IPO share placement and share allocations are expected to be confirmed on June 5, 2023.