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China’s Daqo New Energy Corp., a manufacturer of polysilicon, on
Tuesday filed for an initial public offering (IPO) of up to $108
million. The company, which plans to list on the New York Stock
Exchange (NYSE) under the symbol “DQ,” is aiming to sell 6.5 million
American Depositary Receipt (ADR) shares priced at between $12.50 and
$14.50 each.
Daqo’s three top customers for the first nine months of 2009 were Yingli Green Energy (NYSE:YGE), ReneSola (LON:SOLA) and a subsidiary of a privately held company, Sumec Hardware & Tools Co Ltd. Together, they accounted for 61 percent of Daqo’s revenue. The company will have to compete with companies like MEMC Electronic Materials Inc. (NYSE:WFR), which manufactures polysilicon and, last year, made a downstream acquisition of SunEdison, a large solar energy project owner and developer.
Daqo’s offering is being led by Piper Jaffary, Lazard Capital
Markets and Needham & Co., which have the option to purchase an
additional 975,000 shares.
Chinese Polysilicon Supplier Files for IPO
