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The parent of solar tracker maker Flex has announced that Nextracker has publicly filed a registration statement for an initial public offering, the details of which have yet to be defined.
Solar tracker maker Nextracker Inc has filed a registration statement with the US Securities and Exchange Commission in connection with an initial public offering (IPO) proposal, its parent company Flex reported last Friday.
The company has indicated that it expects to raise $100 million. Nextracker intends to trade on the Nasdaq Global Select Market under the symbol NXT. The manufacturer adds in its announcement that the schedule, the number of common shares to be offered and the price range of the proposed offering have not yet been determined. Offer is subject to market and other conditions.
Nextracker was acquired in 2015 by Flex for $330 million, and currently leads the US market for solar trackers. In February 2022, Flex sold $500 million of preferred equity in Nextracker to TPG Rise Climate, the climate investment platform of global private equity firm TPG, creator of Spain-based IPP Matrix Renewables . At the time of the investment, Nextracker had an enterprise value of $3 billion. Along with the equity transaction, Flex filed plans to list Nextracker after filing a confidential S-1 application.
In June of last year, the company announced the opening of its third steel production line in the country, where it has production lines in Phoenix (Arizona) and Corpus Christi (Texas). In addition, last week it announced the upcoming opening of a solar tracker research and development (R&D) center in Brazil in collaboration with the non-profit organization Flex Instituto de Tecnologia. The center is located in the city of Sorocaba and will cover the entire life cycle of monitoring systems, including structural, mechanical and electrical design, as well as construction, operation and maintenance. It will have a capacity of 5.5 GW.
JP Morgan, BofA Securities, Citigroup and Barclays are serving as joint lead directors of the proposed offering. Truist Securities, HSBC, BNP Paribas, Mizuho, ??Scotiabank and KeyBanc Capital Markets act as joint managers. |
