Nextracker slides as parent, PE sponsor to cut stakes

Flex

27/06/2023 15:09

** Shares of Nextracker Inc  NXT.O  falling 4.9% to $36.20
early Tues after solar tracking equipment maker launches first
stock offering since it went public in early Feb
        ** Co late Mon 
    announced
     16.5 mln share offering
  
        ** Nextracker to use net proceeds from sale of 14.2 mln
shares to buy units from subsidiary of Singapore's Flex Ltd
 FLEX.O  and private equity firm TPG Inc  TPG.O 
    ** TPG looks to sell ~2.3 mln shares
    ** Flex and TPG own ~61% and 17% of NXT based on ~144.2 mln
shares outstanding, per the SEC filing
    ** JP Morgan, BofA, Barclays, and Citigroup acting as joint
lead bookrunners for offering slated to price Weds after markets
close
    ** With move on the session, NXT shares still up ~51% from
$24 IPO price

 (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))