First Solar share offering successful

First Solar has raised $427.7m from the sale of 9.747 million shares of its common stock at $46 each.

The secondary offering included 1.247 million shares sold through the exercise of underwriters’ over-allotment option.

In a statement, First Solar says it intends to use the funds for general corporate purposes which may include acquisitions of PV solar power system projects under development or investments in PV projects that will be jointly developed with strategic partners.

JP Morgan Securities, Morgan Stanley, BofA Merrill Lynch and Citigroup Global Markets acted as joint book-running managers for the offering.