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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Hanwha Solutions has cleared regulatory review for its rights offering after three rounds of revisions, with the fundraising size reduced from an initial 2.4 trillion won to approximately 1.7 trillion won.
On June 10, South Korea’s Financial Supervisory Service said it did not request any further amendments to the revised securities registration statement submitted by Hanwha Solutions on May 26. As a result, the filing will take effect on June 11, allowing the delayed capital-raising process to resume after repeated revision requests since late March.
Hanwha Solutions initially announced on March 26 a 2.4 trillion won rights offering through a shareholder allotment with a public offering of unsubscribed shares, aimed in part at repaying debt. However, the regulator requested revisions twice—on April 9 and April 30—seeking clearer disclosures on liquidity risks, alternative financing options such as asset sales, and the basis for mid- to long-term earnings projections.
In response, the company revised its filing, first reducing the offering size to around 1.8 trillion won, and later cutting an additional 100 billion won in its latest amendment. The final planned fundraising amount now stands at about 1.7 trillion won.
Proceeds will be allocated to both future investments and financial restructuring. Approximately 900 billion won will be invested in solar energy projects, including upgrades to perovskite tandem pilot lines, construction of tandem mass production facilities, and expansion of TOPCon production capacity. The remaining roughly 800 billion won will be used to repay borrowings.
The company is set to determine the initial offering price on June 11 and finalize the price next month. Subscription for existing shareholders is scheduled for July 22–23, followed by a public offering on July 27–28. The newly issued shares are expected to be listed on August 11.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
