Nextracker targets US$535 million in initial public offering

Facebook
Twitter
LinkedIn
Reddit
Email
The IPO process began in 2021 as Nextracker’s parent company Flex began to consider its options regarding the subsidiary. Image: Nextracker.

PV tracker solutions provider Nextracker has launched its investment roadshow after submitting an initial public offering (IPO) to the US stock market Nasdaq last month, seeking to raise up to US$534.9 million.

The IPO will see 23,255,814 shares of Nextracker’s class A common stock become available at an expected price of between US$20-23 per share, with underwriters for the offering given the option to purchase an additional 3.5 million shares from Nextracker within a 30-day window.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Nextracker is a subsidiary of Flex Ltd, a global manufacturing firm, though the company began to detach itself from Flex this time last year when it secured a US$500 million equity sale to an arm of investor TPG Rise.

In its IPO, Nextracker claimed that it 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 IPO.

Last year also saw Nextracker open three new US manufacturing facilities, the latest being the reopened Bethlehem steel factory in Pennsylvania in partnership with steel producer BCI Steel to process the metal and produce solar tracking equipment.

The company has a target of 10GW of US tracker capacity, as many companies have sought to build out their US supply chains following the Inflation Reduction Act.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third 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 2025 and beyond.
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.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA