China’s Sinovel Wind to raise up to US$1.4bil from IPO

SHANGHAI: Sinovel Wind Group Co, China's largest wind turbine producer, plans to raise up to 9.46 billion yuan (US$1.4bil) through an initial public offering (IPO) in Shanghai, after setting a higher-than-expected IPO price range that reflects investor enthusiasm for renewable energy stocks.

Sinovel will sell up to 105.1 million shares at 80-90 yuan apiece, according to an exchange filing, potentially enabling the company to raise as much as 9.46 billion yuan, nearly three times its original fundraising target of 3.45 billion yuan.