Roth Capital Partners is acting as the sole book-running manager for the offering, and Northland Securities is acting as the co-manager. The underwriters have a 30-day option to purchase up to an additional 828,750 ADSs.
Despite a bad day for solar after a key solar earnings warning for 2015, Sky Solar entered the market at $8.26 just before noon. This was up from an originally pricing at $8.00. Shares have risen as high as $8.62 in the noon hour, which is about 7% up from the initial pricing. Unfortunately, it seems as though no one really knew this deal was coming to market because only about 175,000 shares had moved so far at 12:45 p.m. Eastern.
SEC filings showed that Sky Solar plans to use $20 million of the proceeds for shovel-ready projects in Japan and $10 million for shovel-ready projects in Latin America.
The company is a global independent power producer that develops owns and operates solar parks around the world. It has a broad geographic reach and established presence across key solar markets, which provides it with global opportunities and mitigates country-specific risks. Sky Solar has established solar parks in Asia, South-America, Europe, North America and Africa, in regions with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends.
The Chinese solar company has developed and completed 198 solar parks, with a total capacity of more than 181 MW, in Japan, Greece, Bulgaria, the Czech Republic, Spain, USA/Puerto Rico, Canada and Germany, as of October 2014.
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