UPDATE 1-JA Solar IPO raises $225 mln, above range
(Adds market cap, details)
NEW YORK, Feb 6 (Reuters) - China's JA Solar Holdings Co. Ltd., a maker of solar cells, on Tuesday raised $225 million with an initial public offering that was priced above a forecast range.
The 15 million American depositary share (ADS) offering sold for $15 per share compared with a $12.50 to $14.50 forecast, according to an underwriter.
Each ADS represents three common shares, according to documents filed with the U.S. Securities and Exchange Commission.
The offering price gives the company an initial market capitalization of about $658 million.
The company produces solar cells that are assembled by module manufacturers into systems that convert sunlight into electricity.
JA Solar joins a surge of IPOs from Chinese solar companies to float shares on U.S. exchanges. In December, Trina Solar Ltd. (TSL.N) and Solarfun Power Holdings Co. Ltd. (SOLF.O) offered shares.
Underwriters, led by CIBC World Markets and Piper Jaffray, have the option to buy another 2.25 million ADS to cover overallotments.
The company was approved to list shares on the Nasdaq under the symbol "JASO." (JASO.O)
