Nextracker raises US$638 million in IPO

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.

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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.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 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.

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