Tracker manufacturer FTC Solar's IPO can fetch up to USD 424m

Apr 20, 2021 02:12 PM ET
  • United States solar radar manufacturer FTC Solar has launched the roadshow for its initial public offering (IPO) on Nasdaq, putting 18.42 numerous common shares in a bargain that can bring it approximately USD 423.7 million (EUR 351.3 m).
Tracker manufacturer FTC Solar's IPO can fetch up to USD 424m
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The offer is expected to be priced at between USD 18.00 and USD 20.00 per share, before underwriting discounts as well as compensations, the business stated on Monday. Assuming that the midpoint rate is adopted, FTC Solar will certainly elevate USD 321.3 million internet, the company claimed in a regulative declaring on Monday.

The underwriters of the offering will be offered a 30-day option to subscribe for an extra 2.76 million shares of ordinary shares at the initial IPO price. The internet proceeds can get to USD 370.3 million if the over-allotment option is exercised completely at USD 19.00 apiece.

FTC Solar said it will certainly utilize the increased funds to sustain its general business needs, such as covering working resources demands and running costs, and for the repurchase of common stock from certain employees, policemans, supervisors as well as investors. A section of the elevated funds might go with the acquisition or investment in companies, items, solutions or modern technologies, though no binding contracts or commitments have been made up until now.

The solar tracker manufacturer intends to note its stock on the Nasdaq Global Market under the ticker sign "FTCI." Barclays, BofA Securities and also UBS Investment Bank have been mandated as joint bookrunners in the purchase.

Austin, Texas-based FTC presently markets its two-panel in-portrait single-axis radar under the Voyager brand name as well as holds about 11% of the United States tracker market.

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