Solar tracker maker Array Technologies plans USD-100m IPO

US solar tracker manufacturer Array Technologies Inc intends to list its shares on the Nasdaq in an up to USD-100-million (EUR 85.6m) initial public offering (IPO).

The company, a subsidiary of ATI Intermediate Holdings LLC, has filed a prospectus with the US Securities and Exchange Commission (SEC), seeking approval to sell common stock at par value of USD 0.001 per share. A pricing range was not disclosed in the filing.

The proceeds from the IPO will be earmarked for repaying debt and supporting general corporate needs.

Array Technologies' ticker symbol will be “ARRY.”

Goldman Sachs, JP Morgan, Guggenheim Securities, Morgan Stanley, Credit Suisse, Barclays and UBS Investment Bank have been apoointed joint bookrunners for the offering.

Based in Albuquerque, New Mexico, Array Technologies was set up back in 1989 and had 343 full-time employees as of end-June. It operates through a manufacturing plant in Albuquerque, selling its products to solar developers, power producers and construction firms, mostly in the US. At the end of June, its global shipments of solar photovoltaic (PV) trackers surpassed 17 GW, of which more than 14 GW were for the US market.

(USD 1.0 = EUR 0.856)

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