Daqo New Energy, a China-based manufacturer of polysilicon for solar power applications, announced terms for its IPO on Friday. The Chongqing-based company plans to raise $92 million by offering 8 million ADSs at a price range of $10.50-$12.50. At the mid-point of the proposed range, Daqo New Energy will command a market value of $397 million. Daqo New Energy, which was founded in 2007 and booked $160 million in sales for the 12 months ended June 30, plans to list on the NYSE under the symbol DQ. The China-based company had previously tried to go public in January, filing to raise $88 million by offering 6.5 million ADSs at a price range of $12.50-$14.50, before postponing the deal due to market conditions. Morgan Stanley is now the lead underwriter on the deal, for which updated timing was not disclosed.
