Tuesday, March 11, 2008

Solargiga aims to raise $127 mln in scaled-back IPO

HONG KONG, March 11 (Reuters) - Chinese solar wafer maker Solargiga Energy Holdings Ltd, which scrapped a planned Hong Kong IPO in January, has relaunched a smaller, cheaper share sale to raise $127 million, according to a term sheet.

The move comes a day after Shanghai-listed China Pacific Insurance delayed plans to raise about $4 billion in a Hong Kong share sale due to poor investor sentiment, joining roughly 65 companies globally this year to withdraw or postpone IPOs worth nearly $23 billion, according to Thomson Financial.

Solargiga on Tuesday began selling about 338.13 million shares, or 20 percent of its enlarged share capital, at an indicative price of HK$2.92 each in a deal handled by BNP Paribas with a listing date set for March 31.

The company had earlier sought to raise as much as $292 million by selling 422.7 million shares at a range of HK$4.57-HK$5.38 each, and subsequently cut its target price range to HK$4.08-HK$4.88 before putting the deal on hold amid the global markets meltdown in January.

No comments: