US solar tracking system maker Nextracker, a subsidiary of contract electronics manufacturer Flex (NASDAQ:FLEX), has filed for an initial public offering (IPO) at home, applying to list its shares on the Nasdaq stock exchange under the trading symbol NXT.
The number of shares to be placed in the transaction and the targeted price range have not been decided yet. The company has listed the size of the offering as USD 100 million (EUR 92.5m) which is a placeholder amount likely to change later.
J.P. Morgan, BofA Securities, Citigroup and Barclays have been hired as joint lead book-running managers for the IPO. The list of underwriters also includes Truist Securities Inc, HSBC Securities (USA) Inc and BNP Paribas Securities Corp, among others.
Nextracker offers intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects across the world. It has shipped around 70 GW solar tracker systems as of September 30, 2022.
The company booked about USD 870.4 million in revenue in the six months that ended September 30, 2022, up from about USD 680.2 million a year earlier. Its net income in the same period rose to USD 51.2 million from USD 32.6 million.
The Fremont, California-based firm counts as a backer US private equity firm TPG whose global impact investing platform TPG Rise bet on the business in February 2022.