Suntech Power Holdings (NYSE: STP) has priced its follow-on public offering at $12.50 per share. The company will be issuing 20 million American Depositary Shares to raise a total of $250 million. The stock is being issued under an existing shelf registration filing.
Underwriters UBS (NYSE: UBS), Goldman Sachs (NYSE: GS) and Deutsche Bank (NYSE: DB) have an option to purchase up to 3 million to cover any over-allotment.
Suntech Power manufactures silicon photovoltaic modules and plans to use the proceeds from the sale of stock for capital expenditures, working capital and to repurchase and redeem existing securities.
It looks like the equity markets are opening up to new action, particularly following last week's successes with OpenTable andSolarWinds.
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