renesola-ignores-challenging-market-to-launch-followon

Renesola ignores challenging market to launch follow-on

The US-listed solar power play is aiming to raise about $170 million. Meanwhile, UOB tries to sell a $38.6 million stake in WuXi PharmaTech at a fixed-price.
June 10, 2008
Tumbling stocks, weak employment data, soaring crude oil prices, increased chances of a US rate hike and a downgrade to underweight by a major US investment bank û the current conditions certainly aren't the most conducive for a capital raising exercise. But solar wafer manufacturer Renesola appears to be shrugging it all off and on Friday launched a follow-on offering of American depositary shares ADS that could raise about $170 million to $180 million, based on current prices.

The marketing will continue for another week with the pricing scheduled to take place after the US close on June 17.

This is the second fund raising exercise for the company this year after its US listing...
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