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UPDATE: Chinese Firm SDIC Power Prices London GDR Listing At USD12.27

Fri, 16th Oct 2020 19:06

(Alliance News) - SDIC Power Holdings Co Ltd on Friday set its offering of 16.4 million global depositary receipts at a price at USD12.27, coming it at the lower end of its guided range.

Earlier Friday, the Chinese power firm offered a range between USD12.27 and USD13.37 each.

The GDRs are expected to be listed on the Shanghai-London Stock Connect segment of the Main Market of London Stock Exchange. Admission is expected to take place on or around Thursday next week.

The offering represents 2.4% of the company's share capital.

SDIC Chair Zhu Jiwei said: "We are proud to announce the successful pricing of SDIC Power's GDR offering, following the positive response to our company on our recent virtual roadshow from international investors. Our London listing reinforces the global presence of SDIC Power and reflects the company's expansion from its home market into other regions of Asia and into Western Europe.

"Enhanced access to international capital markets through the Shanghai-London Stock Connect channel will support SDIC Power's commitment to continue to invest in, develop and operate clean energy projects, as we implement our global growth strategy."

SDIC is a power generation company in China, with a diversified portfolio of projects across hydropower, coal-fired power, wind power, solar power and other renewable energy. The company develops, acquires and operates power projects and sells the electricity generated by them to grid companies.

By Greg Roxburgh; gregroxburgh@alliancenews.com and Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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