Shares of Chinese solar energy co. Daqo gain in market debut after pricing below expectations

Daqo shares gain in market debut after pricing low

NEW YORK — Shares of Chinese solar energy company Daqo are gaining in their market debut after the initial public offering raised less than the company expected.

About half the companies going public this year have priced shares low, a significantly higher proportion than in previous years. Turbulent stock markets have made investors picky.

This is Daqo’s second attempt at an IPO this year. The maker of polysilicon used in solar panels delayed its offering in January during a broad market sell-off.

Daqo New Energy Corp. had said early Thursday that it priced 8 million American depositary shares at $9.50 apiece, raising $76 million. It hoped for a higher price on its stock, from $10.50 to $12.50.

Shares are up 79 cents, or 8.3 percent, to $10.29.