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.

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

October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).
October 7, 2025
Doral Renewables has secured a PPA with an unnamed 'corporate buyer' for its 430MW Cold Creek solar-plus-storage project in Texas.
October 7, 2025
US independent power producer (IPP) Arevon has begun operations at two utility-scale solar projects in Indiana.
Premium
October 6, 2025
Talon PV aims to be the first US company to safely manufacture TOPCon cells at scale, backed by European technology and a crucial First Solar licensing deal.
October 6, 2025
US utility AES Corporation is reportedly in discussions to be acquired by Global Infrastructure Partners (GIP), a subsidiary of global asset owning giant BlackRock.
October 3, 2025
Renewables developer Madison Energy Infrastructure has bought the US distributed generation assets of NextEra Energy Resources.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK