China-Based DAS Solar to Raise ~$350 Million via Initial Public Offering

The company is set to invest ~$811.18 million in proposed solar manufacturing facilities


China-based photovoltaic module manufacturer DAS Solar plans to raise up to RMB 2.5 billion (~$350 million) by issuing up to 58,789,573 shares through an initial public offering (IPO) at RMB 1 (~$0.140) per share.

The proportion of total equity after the offering is not expected to be less than 10%.

According to the released prospectus accepted by the Shenzhen Stock Exchange, DAS Solar is set to invest approximately RMB 5.813 billion ($811.18 million) in proposed projects. The cornerstone of these initiatives involves the construction of a 14 GW N-type TOPCon high-efficiency monocrystalline solar cell manufacturing facility.

The company also plans to develop a 20 GW high-efficiency monocrystalline solar module manufacturing facility.

A significant portion of the investment, approximately RMB 2.5 billion ($349.65 million), is earmarked for capital injection into these projects.

DAS Solar reported a revenue of RMB736 million ($102.92 million) in 2020, which increased to RMB1.894 billion ($264.58 million) in 2021.

The revenue reached RMB8.606 billion ($1.201 billion). The first half of 2023 saw a continuation of this upward trend, with revenues reaching RMB9.454 billion ($1.319 billion).

In December of 2023, DAS Solar revealed that the open-circuit voltage for its high-efficiency n-type TOPCon cells reached 735 millivolts.

In 2022, JinkoSolar Holding Co’s principal operating subsidiary, Jinko Solar (Jiangxi Jinko), completed its IPO process and started trading on the Shanghai Stock Exchange’s Sci-Tech innovation board. Jiangxi Jinko has issued 2 billion shares, representing approximately 20% of the total 10 billion shares outstanding after the IPO. After the IPO, JinkoSolar owns 58.62% of Jiangxi Jinko.

Recently, the China Securities Regulatory Commission approved the registration of CSI Solar, the engineering, procurement, and construction arm of solar module maker Canadian Solar, to issue an IPO. The company’s CEO Shawn Qu, said CSI expects the completion of the IPO by the second quarter of the current financial year.