Nextracker raises US$638 million in IPO

Facebook
Twitter
LinkedIn
Reddit
Email
Nextracker will be traded under the ticker symbol “NXT”. Image: Nextracker.

PV tracker solutions provider Nextracker has set its initial public offering (IPO) price at US$24 per share, raising a total of US$638 million. 

The IPO will see 26.6 million of Nextracker’s class A common stock begin trading on the Nasdaq Global Select Market under the ticker symbol ‘NXT’ on 9 February. The offering is expected to close on 13 February.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Nextracker has granted the underwriters a 30-day option to purchase up to an additional 3,990,000 shares of common stock at the IPO price, less underwriting discounts and commissions.

Nextracker had shipped 70GW of tracker technology worldwide as of September 2022, cumulatively worth over US$67 billion. In the six-month period leading to 30 September 2022, the company generated over US$870 million in revenue and US$114 million in gross profits. It said that it saw over US$1.4 billion in revenue over the fiscal year 2022.

The company said that as of 31 December 2022, it had confirmed orders and commitments for projects totalling an aggregate value of approximately US$2.1 billion.

J.P. Morgan, BofA Securities, Citigroup, and Barclays are acting as joint lead book-running managers for the offering.

Previously in December, Nextracker signed a master supply agreement with Amara Raja Power Systems to deliver its trackers to a 306MWp PV project from utility NTPC in India.

Also, last year, as the US began the process of shoring up its solar PV supply chain, Nextracker opened three new US manufacturing facilities as it looks to establish 10GW of capacity in the country.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

September 4, 2025
Gavin Newsom has signed an executive order to accelerate the permitting of energy generation projects that could be set to lose IRA support.
September 4, 2025
US polysilicon company Highland Materials has aimed to begin construction at its polysilicon plant in the second half of 2026.
Premium
September 4, 2025
Analysis: A Biden-era policy to suspend the payment of duties on Southeast Asian module imports looks set to backfire badly on an already under-pressure US solar industry.
Premium
September 4, 2025
PV Talk: Highland Materials' CEO Richard Rast explains how the company aims to compete in the polysilicon landscape through US innovation.
September 4, 2025
US tracker manufacturer FTC Solar has launched an automated 80 degree hail stow angle for its flagship 1P Pioneer tracker.
September 3, 2025
US residential solar prices have remained at historic lows in the first half of the year despite market uncertainty and continued high interest rates.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines