US tracker provider FTC Solar becomes latest to eye IPO, bids to raise up to US$423m

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
FTC said it will list on the Nasdaq Global Market under the symbol ‘FTCI’. Image: bfishadow/Flickr

US solar tracker company FTC Solar become the latest tracker provider to launch an initial public offering (IPO), aiming to raise up to US$423 million.

Having filed a preliminary S-1 last month, FTC Solar yesterday confirmed in a revised filing its intent to offer just over 18.4 million shares of common stock at a price of between US$18 and US$20 per share. FTC has also given the underwriters permission to allocate a further 2.7 million shares of common stock at the same price.

Gross proceeds of the IPO are therefore expected to fall somewhere in the region of US$331.6 million and US$423.6 million, depending on uptake and price of shares offered.

The IPO could therefore value FTC Solar at up to US$1.6 billion, based on the outstanding share volume of 82.2 million shares not included in the offering.

FTC said it will list on the Nasdaq Global Market under the symbol ‘FTCI’.

Net proceeds are estimated to be between US$321.3 million and US$370.3 million, of which a minority share – around US$140 million – has been earmarked to buy back around 7.9 million shares from employees, directors and other stockholders.

Around US$180 million is to be set aside for corporate purposes including working capital and operating expenses, however FTC has also suggested a portion could be used to acquire or invest in other businesses, products, services or technologies to fuel FTC’s growth, however no binding agreements have been signed so far.

The Texas tracker maker’s public listing comes on the back of strong financial results last year, with total revenue reaching US$187.4 million in the 12 months to 2020, marking a more than threefold increase on 2019. However, its net loss also widened last year, rising to US$15.9 million.

The company, which was founded in 2017, currently holds around 11% of the US tracker market, selling two-panel in-portrait single-axis trackers under the brand name Voyager.

It is also the latest solar tracker company to launch an IPO as the country’s solar market continues to expand rapidly. One of the world’s largest tracker companies, Array Technologies, went public last October, raising US$1 billion in its IPO, while Spanish tracker firm Soltec listed late last year.

Then in January this year, balance of systems technology provider Shoals raised more than US$2 billion in its own listing.

 

Read Next

January 18, 2022
Corporate funding in the global solar sector reached a ten-year high in 2021 as the industry recovered from a COVID-affected 2020, new research from Mercom Capital Group reveals.
January 17, 2022
US independent power producer DESRI is planning to raise up to US$100 million in an initial public offering (IPO) that will see the company listed on the Nasdaq.
January 12, 2022
US solar tracker supplier Array Technologies has completed its previously announced acquisition of Spanish tracker manufacturer Soluciones Técnicas Integrales Norland, S.L. (STI Norland).  
January 7, 2022
Solar balance of system (BOS) solutions provider Shoals Technologies has formed a partnership with commercial and industrial PV project developer Luminace to pursue distributed renewables and electric vehicle (EV) charging solutions across the US.
January 6, 2022
JinkoSolar has revealed new details regarding its prospective initial public offering (IPO), confirming an offering schedule, placement size and that n-type cell and modules will be the focus of capacity expansions.
January 4, 2022
A round-up of the latest solar news from the end of 2021, including Jinko Solar getting one step closer to listing its main subsidiary on the STAR Market, Massachusetts greenlighting more than 175MW of delayed projects and a couple of sizeable project acquisitions.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal