Solar tracker manufacturer Nextracker files for Nasdaq listing

• United States solar tracking system manufacturer Nextracker, a subsidiary of contract electronics maker Flex (NASDAQ: FLEX), has actually filed for an initial public offering (IPO) at home, putting on list its shares on the Nasdaq stock exchange under the trading symbol NXT.

The variety of shares to be placed in the deal and the targeted cost variety have actually not been decided yet. The firm has actually listed the size of the offering as USD 100 million (EUR 92.5 m) which is a placeholder amount most likely to transform later.

J.P. Morgan, BofA Securities, Citigroup as well as Barclays have actually been hired as joint lead book-running managers for the IPO. The list of underwriters also includes Truist Securities Inc, HSBC Securities (USA) Inc as well as BNP Paribas Securities Corp, among others.

Nextracker offers intelligent, integrated solar tracker and software solutions made use of in utility-scale and also ground-mounted distributed generation solar projects across the globe. It has delivered around 70 GW solar tracker systems as of September 30, 2022.

The company booked about USD 870.4 million in revenue in the 6 months that finished September 30, 2022, up from concerning USD 680.2 million a year earlier. Its take-home pay in the same period rose to USD 51.2 million from USD 32.6 million.

The Fremont, California-based firm counts as a backer US private equity company TPG whose worldwide influence spending platform TPG Rise bank on the business in February 2022.