California-headquartered solar tracker manufacturer Nextracker is moving forward with a proposed initial public offering (IPO) of the company.
The firm, which was acquired by electronics manufacturer Flex for US$330 million in 2015, said it has confidentially filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission relating to the transaction.
Flex said in a press release that the IPO and its timing “are subject to market and other conditions and the SEC’s review process”.
Flex revealed in its third-quarter results statement in January 2021 that it was actively pursuing alternatives for the Nextracker business, considering options such as a full or partial separation of the unit through an IPO, sale, spin-off or other transaction.
PV Tech has reached out to both Nextracker and Flex for comment on the story, however neither had responded at the time of writing.
Founded in 2013, Nextracker has to date provided 50GW of trackers to solar projects that are operational or under construction. Last month, it secured a deal to provide 125MW of its single-axis NX Horizon trackers to Spanish developer Solaria, adding to another recent deal for what will be Australia’s largest PV project.
The IPO news comes as Nextracker competitor FTC Solar saw its stock begin trading on Nasdaq yesterday (Wednesday), with its shares rising from the initial listing price of US$13 to a high of US$15.28, before closing at US$14.26. FTC Solar, which makes Voyager trackers, previously said it was aiming to raise as much as US$423.6 million from the listing.
Another US tracker manufacturer, Array Technologies, completed its own IPO last year, as the company ramps up efforts to expand its presence internationally. It expects 2021 revenues to be 23% higher year-on-year, reaching as much as US$1,125 million.