- Nextracker parent Flex said it upsized the planned IPO for its subsidiary, pricing it at $24.00/share
- It raised $638 million with 26.6 million shares offered with underwriters getting an option to purchase an additional 3.99 million
- The company has started trading on Nasdaq Global Select Market under NXT ticker from February 9, 2023
Diversified manufacturing company Flex has announced its subsidiary solar tracker company Nextracker has raised over $638 million to get listed on the Nasdaq Global Select Market by pricing its 26.6 million shares at $24.00/share and is now trading under ticker symbol NXT.
Final pricing of the share as well as the number of shares offered is higher than what the company was initially planning with 23.3 million shares priced between $20.00/share and $23.00/share (see Nextracker Targets Up To $534.9 Million Through IPO).
Underwriters have been given a 30-day period to purchase an additional 3.99 million shares of common stock.
Flex said Nextracker will debut on Nasdaq under NXT ticker on February 9, 2023, and the offering is expected to close on February 13, 2023.
Nextracker’s upsized IPO should be good news for the solar market as Mercom Capital Group reported a 32% decline in public market financing in 2022 (see Global Solar Raised $24.1 Bn Corporate Funding In 2022). Nonetheless, Bloomberg calls it the ‘biggest 2023 US IPO’.
In recent years, several solar tracker companies have gone the IPO way to raise money for expansion – this includes US’ Array Technologies that raised $1.05 billion in 2020, Spain’s Soltec raised €149 million in 2020, and another US tracker maker FTC Solar secured $258 million in 2021 after reports of $100 million being its IPO target (see US Tracker Supplier Eyeing $100 Million Through IPO).
To learn more about solar trackers, check the presentations at the TaiyangNews Virtual Conference on Bifacial and Solar Trackers 2022, following which we released our 2nd Market Survey on Solar Trackers 2022 that provides detailed information on stakeholders and products, including Nextracker, and is available for free download here.