Daqo New Energy, which manufactures and sells polysilicon to photovoltaic product manufacturers for solar power solutions, filed and announced terms for its IPO on Tuesday. The China-based company plans to raise $88 million by offering 6.5 million ADSs at a price range of $12.50-$14.50. At the mid-point of the proposed range, Daqo New Energy will command a market value of $390 million. The polysilicon provider, which was founded in 2007 and booked $116 million in sales over the last 12 months, plans to list on the NYSE under the symbol DQ. Piper Jaffray is the lead underwriters on the deal, for which timing was not disclosed. Daqo is already the 4th company to disclose terms this month for its upcoming IPO; others include Symetra Financial (SYA), FriendFinder Networks (FFN) and Cellu Tissue Holdings (CLU).
