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LDK Solar’s Follow-on Offering A Striking Success (LDK)
In a week of financial turmoil, at least one company has managed to do well. LDK Solar’s follow-on offering raised $200.4 million by the end of the day Friday. In fact, demand for LDK’s shares was so strong that the company had to upsize the offering to meet it, from 3.8 shares to 4.8 million. However, their share price has dropped somewhat, falling 5.3% to $41.44 on Friday. FinanceAsia.com suggests that this may be a reaction to the unusual speed and timing of the deal, the first of it’s type to be conducted on a Friday morning.
As far as the proceeds of the deal are concerned, LDK will direct 60% toward construction of a new polysilicon plant, 30% to expand production of multicrystalline wafers to 2000MW by the end of 2009, and of course that leaves 10 percent for those "wild office parties!"
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