In an announcement, JinkoSolar Holding Co. Ltd said that its follow-on public offer of 3,800,000 American depositary shares or ADS. Each ADS represents four ordinary shares at par value of USD0.00002 per share and each ADS is priced at USD16.25. The offer is expected to close by September 25 with an underwriter's extension of a thirty day option to purchase an additional 570,000 ADS.
The net proceeds of the offer is for general corporate purposes, including the expansion of manufacturing capacity, the development of solar power projects and its working capital. The management of the company would retain the broad discretion over the use of the proceeds of the sale, including the use of the proceeds for a purpose different than its original intent. The main intent of the investment would be putting the net proceeds in marketable short term instruments.
The joint bookrunners for the offer are Credit Suisse Securities LLC, JP Morgan Securities LLC and Jefferies LLC.
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