Bloomberg News

Nexolon Aims to Raise as Much as 181 Billion Won in October IPO

September 29, 2011

Sept. 29 (Bloomberg) -- Nexolon Co., South Korea’s biggest maker of silicon ingots and wafers used in solar cells, aims to raise as much as 181 billion won ($155 million) in an initial public offering next week.

The solar-cell component producer plans to offer 22.6 million new shares at 6,700 won to 8,000 won apiece between Oct. 5 and Oct. 6, the Seoul-based company said in an e-mailed statement today. The price range is less than the 7,600-to-9,000 won band that the company indicated in August.

Nexolon plans to use the proceeds to boost its annual output capacity by 20 percent to 1.7 gigawatts by the year-end compared with the end of June, according to the statement. The company received orders for 3.5 gigawatts of solar components as of July, Nexolon said.

The shares will start trading on the Korea Exchange Oct. 14, the company said.

--Editors: Ryan Woo, Amit Prakash.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.


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