Module manufacturer Canadian Solar first submitted an application for an initial public offering in June 2021.
The Shanghai Stock Exchange building
Chinese-Canadian solar module manufacturer Canadian Solar has resumed plans for an IPO on the Shanghai Stock Exchange (SSE).
The company originally submitted its IPO application in June 2021 and passed the SSE listing evaluation in December of that year. The IPO was then temporarily suspended in September 2022, as Canadian Solar reportedly failed to provide required updates.
The IPO prospectus shows that Canadian Solar plans to issue 541 million shares, accounting for 15% of its total post-issuance capital stock. It expects to raise net proceeds of CNY 8.8 billion ($1.26 billion) and said it wants to invest the funds to expand its wafer, cell and module capacity. It said it also wants to invest in a new research institute in Jiaxing, Zhejiang province.
Canadian Solar is the only major Chinese PV company without a listing on a Chinese stock market. JinkoSolar, JA Solar, and Trina Solar have already moved from the New York Stock Exchange to the SSE.