Nextracker announces IPO pricing


Flex announced that its subsidiary, Nextracker, priced its upsized initial public offering (IPO) of 26,600,000 shares of its Class A common stock at an IPO price of $24.00 per share.

The Common Stock is expected to begin trading today, February 9, 2023 on the Nasdaq Global Select Market under the ticker symbol “NXT.” The offering is expected to close on February 13, 2023, subject to customary closing conditions.

Nextracker has granted 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.

J.P. Morgan, BofA Securities, Citigroup, and Barclays are 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. Roth Capital Partners, Craig-Hallum, SMBC Nikko, BTIG and UniCredit are co-managers for the offering. PJT Partners advised Flex on the transaction.

Founded in 2013, Nextracker was acquired in 2015 by Flex for $330 million, 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.”

According to SEC filings, Nextracker is projected to record $1.5 billion in 2022 revenue and deliver 15 GW of tracker hardware for the year.  The company has 477 full-time employees and is active in more than 30 countries and more than 200 customers.

Nextracker names Array Technologies, Arctech Solar, FTC Solar, PV Hardware and Soltec as its main competitors in SEC filings.  Other solar hardware companies to go public over the last few years include Array Technologies, which listed in October 2020 raising just over $1 billion in proceeds, and FTC Solar, which listed in April 2021 and raised $257.9 million.

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