ReneSola, a Chinese manufacturer of crystalline silicon wafers primarily used in the production of solar cells, priced its offering of 10 million ADSs (each representing 2 common shares) at $13 on Monday. The price represents a 9.7% discount to the closing price of the shares traded on the Alternative Investment Market of the London Stock Exchange. The ADSs are expected to begin trading Tuesday on the NYSE under the ticker SOL. Credit Suisse and Deutsche Bank are the lead underwriters on the deal.
