Solar Power Company Nextracker Seeks Up to $535 Million in US IPO

Feb 2, 2023 11:21 AM ET
  • Solar energy innovation company Nextracker Inc. is seeking to raise as high as $535 million in what could be among the initial major US initial public offerings of the year.

The firm claimed in a filing Wednesday with the United States Securities as well as Exchange Commission that it prepared to market greater than 23 million shares for $20 to $23 each.

Nextracker's backers include TPG, which bought a minority stake in it last year, according to the filing. Nextracker parent Flex Ltd. will certainly continue to regulate the company after the IPO, according to the filing.

Based in Fremont, California, Nextracker supplies integrated solar tracker and software solutions made use of in utility-scale as well as ground-mounted dispersed generation solar projects. Its items make it possible for photovoltaic panels to comply with the sun's motion throughout the sky and enhance performance. The business had revenue of about $1.5 billion with net income of $51 million in its last.

Nextracker is moving to go public months after the US passed a landmark environment law offering tax credits to solar installments, including the big fields of panels that utilize the company's trackers.

If Nextracker goes ahead with its share sale as planned, maybe the largest US listing considering that October when self-driving modern technology business Mobileye Global Inc. raised $990 million including supposed greenshoe shares.

After a document $339 billion was raised in US IPOs in 2021, last year's listings plunged to $24 billion amid concerns over market volatility, inflation and geopolitical tensions, according to data assembled by Bloomberg. January, with only 10 listings raising $533 million, was the slowest very first month of the year for US listings considering that 2009, the data show.

Business with pending listings include Johnson & Johnson's customer wellness service Kenvue Inc., which filed last month for an IPO, and also Vietnam based electric-vehicle maker VinFast Auto Ltd., which submitted its filing in December.

Nextracker's offering is being led by JPMorgan Chase & Co. and also Bank of America Corp., with 13 other underwriters consisting of Citigroup Inc. as well as Barclays Plc listed in its filing. Nextracker prepares for its shares to trade on the Nasdaq Global Select Market under the symbol NXT.

Solar Installers, Manufacturers