Nextracker Inc., a specialist in solar trackers, filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering (IPO). The company indicated in its filing fee schedule that it anticipates raising $100M. Nextracker intends to list on the Nasdaq Global Select Market under the ticker symbol NXT.
J.P. Morgan, BofA Securities, Citigroup, and Barclays are acting as joint lead book-running managers for the proposed offering. Truist Securities, HSBC, BNP Paribas, Mizuho, Scotiabank, and KeyBanc Capital Markets are acting as joint book-running managers.
Nextracker was acquired in 2015 by Flex for $330M, and it has become a leader in the U.S. solar tracker market with its integrated solar tracker and software solutions used in utility-scale and distributed generation solar power plants around the world. The company is known for its innovative technology as well as its dedication to made-in-America products.
In June of last year the company announced the opening of its third dedicated steel production line in the U.S. Other steel line locations include Phoenix, Arizona and Corpus Christi, Texas. Nextracker’s president, Howard Wenger, told pv magazine that each of these locations was chosen “to help Nextracker better serve some of its strategic growth and development markets across the U.S.”
The timing, number of shares of Common Stock to be offered and the price range for the proposed offering have not yet been filed.
In February 2022, Flex sold $500 million of preferred equity in Nextracker to TPG Rise Climate, the climate investing platform of the global private equity firm TPG. At the time of the investment, Nextracker had an implied enterprise value of $3 billion. In conjunction with the equity transaction, Flex filed plans for the formal separation of Nextracker from its main business, with plans to pursue an IPO after submitting a confidential S-1 filing.
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