Nextracker shines after above-range IPO pricing
09/02/2023 17:32
(Updates)
** Solar tracking equipment maker Nextracker Inc NXT.O
soars in debut after well-received IPO
** NXT opens at $30.31 vs $24 IPO price. Shares last up
27.7% at $30.65
** Subsidiary of Singapore's Flex Ltd FLEX.O raises
$638 mln after IPO size increased to 26.6 mln shares and priced
$1 above marketed range of $20-$23
** IPO price gives Nextracker valuation exceeding $3.5 bln
** FLEX shares on Thurs down 0.8% at $23.96, but up ~35%
over the past 12 months
** Nextracker 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 dealmaking to a standstill
** Also on Thurs, shares of Chinese auto sensor maker Hesai
Group HSAI.O open 25% above $19 IPO price urn:newsml:reuters.com:*:nFWN34P3MM
(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))