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Canadian Solar's Subsidiary CSI Solar Completes its IPO Process and Starts Trading on the Shanghai Stock Exchange
GUELPH, ON, June 9, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announces that its majority-owned
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, ON, June 9, 2023 /PRNewswire/ -- Canadian Solar Inc. (the \"Company\" or \"Canadian Solar\") (NASDAQ: CSIQ) today announces that its majority-owned subsidiary CSI Solar Co., Ltd. (\"CSI Solar\") has completed its initial public offering (\"IPO\") process and its shares started trading on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 9, 2023 under the stock code 688472. \nIn the IPO, CSI Solar issued 541,058,824 shares, representing 15% of 3,607,058,824 shares outstanding immediately 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, if any. The total shares issued by CSI Solar will be 622,217,324, representing approximately 17% of 3,688,217,324 shares outstanding after the IPO, assuming that the over-allotment option is exercised in full.\nThe shares were issued at a public offering price of RMB11.10 per share and the total gross proceeds of the IPO are approximately RMB6.0 billion (approximately US$850 million). Immediately after the IPO, Canadian Solar owns approximately 64% of CSI Solar, assuming the over-allotment option is not exercised, or approximately 62% of CSI Solar, assuming that the over-allotment option is exercised in full.\nThe shares of CSI Solar will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.\nAbout Canadian Solar Inc.\nCanadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered around 94 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 609 MWp of projects in operat...