JinkoSolar Holding Co., Ltd. (JKS) gained in the pre-market after the company announced its intention for IPO in a press release. The stock of JKS was valued at around $48.44, gaining more than 5% from the previously closed value. At the end of the last trading session, the stock closed at $46.05. The stock volume traded in the last trading session was around 1.14 million shares.
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Reason for the JKS stock gain
JinkoSolar Holding Co., Ltd. (JKS) is amongst the World’s largest and most innovative solar module manufacturers. They are in the process of applying for an IPO of the Company on the Shanghai Stock Exchange. The Shanghai Stock Exchange has announced Jiangxi Jinko’s IPO pricing.
Jiangxi Jinko plans 2 billion shares to issue, representing around 20% of the total 10 billion shares outstanding after the IPO. Six hundred million shares are issued directly to cornerstone investors, funded by the Jiangxi Jinko management team and core employees.
The pricing of the IPO is RMB5.00 per share proposed as of now. It expects that the company will raise around RMB10.00 billion from its IPO. JinkoSolar will own approximately 58.62% of Jiangxi Jinko, following the IPO. January 17, 2022, is expected to be the issuance and subscription date of the IPO. The final IPO share placement and share allocations will confirm on January 20, 2022.
Effect on the stock gain
The stock of JinkoSolar Holding Co., Ltd. (JKS) gained significantly in the market after the company announced in the press release that they are currently applying for IPO in the Shanghai Stock Exchange. The investors took great interest in its stock as the IPO in the new stock exchange will bring some money for the company, which they will use as working capital.
Conclusion
The new capital will expand its operations, and the company will execute its plans for the fiscal year 2022. It will increase its revenue and help them expand to new markets and increase its market share.
