Nextracker progresses with prepared initial public offering

Apr 29, 2021 05:43 PM ET
  • California-headquartered solar tracker manufacturer Nextracker is moving forward with a proposed going public (IPO) of the business.
Nextracker progresses with prepared initial public offering
Image: Nextracker

The company, which was acquired by electronic devices producer Flex for US$ 330 million in 2015, stated it has confidentially submitted a draft registration declaration on Form S-1 with the US Securities and Exchange Commission connecting to the deal.

Flex claimed in a press release that the IPO and its timing "go through market as well as other problems as well as the SEC's testimonial process".

Flex exposed in its third-quarter outcomes declaration in January 2021 that it was actively seeking options for the Nextracker business, thinking about options such as a full or partial splitting up of the unit through an IPO, sale, spin-off or other transaction.

PV Tech has connected to both Nextracker and also Flex for talk about the tale, however neither had responded at the time of writing.

Established in 2013, Nextracker has to date offered 50GW of trackers to solar projects that are functional or incomplete. Last month, it safeguarded a bargain to provide 125MW of its single-axis NX Perspective trackers to Spanish programmer Solaria, adding to another recent offer wherefore will certainly be Australia's largest PV project.

The IPO news comes as Nextracker rival FTC Solar saw its supply start trading on Nasdaq the other day (Wednesday), with its shares rising from the first listing cost of US$ 13 to a high of US$ 15.28, before shutting at US$ 14.26. FTC Solar, that makes Voyager trackers, formerly said it was intending to raise as much as US$ 423.6 million from the listing.

One more US tracker maker, Array Technologies, completed its very own IPO last year, as the company ramps up efforts to increase its visibility internationally. It expects 2021 incomes to be 23% higher year-on-year, getting to as long as US$ 1,125 million.

Solar Installers, Manufacturers