Nextracker has officially unveiled its initial public offering (IPO) plans, expecting to raise up to $534.9 million as it targets to sell more than 23.3 million Class A common shares, expecting a per share price of between $20.00 and $23.00, the US based solar tracker supplier announced.
Underwriters will also have a 30-day period to purchase up to 3.5 million shares from Nextracker. On successfully completing the IPO process, Nextracker will be listed on the Nasdaq Global Select Market under the ticker NXT. Post the IPO, Flex will still be the controlling shareholder of Nextracker.
In a registration statement filed with the US Securities and Exchange Commission (SEC) in January 2023 by Nextracker's parent Flex preceding this announcement, it said the tracker manufacturer shipped 15 GW capacity in 2022 earning annual revenues of $1.5 billion. It also has firm orders worth around $2.0 billion (see Tracker Maker Nextracker Files For Initial Public Offering).
Nextracker aims to raise money via IPO at a time when the US solar market is growing strong with the Inflation Reduction Act (IRA) creating a positive policy environment around the technology. Following the IRA, several international investors have announced big plans to invest into PV manufacturing in this market.
To know more about solar trackers, in July 2022 TaiyangNews held a combined Virtual Conference on Bifacial and Solar Trackers 2022, following which we released our 2nd Market Survey on Solar Trackers 2022, which provides detailed information on stakeholders and products, including Nextracker, and is available for free download here.