Nextracker poised to rise after above-range IPO pricing
09/02/2023 16:02
** Nextracker Inc NXT.O recently indicated to open at
$31.50 vs $24 IPO price
** Solar tracking business of Singapore's Flex Ltd
FLEX.O poised to debut after IPO size increased and priced$1
above marketed range of $20-$23
** Shares to begin trading on the Nasdaq with symbol "NXT"
** Nextracker is profitable. Co posted non-GAAP net income
of ~$51 mln on rev of ~$870 mln in six months ended Sept 30
** JP Morgan, BofA, Citigroup and Barclays leading 15-firm
underwriting group for the IPO
** IPO market showing glimmers of hope to start 2023 after a
dismal 2022 as heightened volatility and rising interest rates
brought new issues to a standstill
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))