Solar tech firm Nextracker's shares soar in New York debut (updated)
09/02/2023 17:41
(Adds shares, background)
Feb 8 (Reuters) - Shares of Nextracker Inc NXT.O , the
solar-tracking business of Singapore's Flex Ltd FLEX.O , soared
26% in their U.S. market debut on Thursday.
The stock opened at $30.31, above its upsized initial public
offering (IPO) price of $24 a share.
Nextracker's listing comes after a prolonged lull in U.S.
markets as rapid interest rate hikes and a downturn in the
economy stalled dealmaking activity.
The Fremont, California based company raised $638 million
from 26.6 million shares on Wednesday, higher than its original
plan of $534.9 million.
J.P. Morgan, BofA Securities, Citigroup and Barclays were
among the underwriters for the offering.
Founded in 2013 by Chief Executive Officer Dan Shugar,
Nextracker provides solar tracker and software solutions for
solar power plants. It was acquired by supply chain and
manufacturing solutions provider Flex in 2015.
Nextracker's annual revenue rose to $1.46 billion for fiscal
2022 from $1.20 billion a year earlier, according to a filing.
(Reporting by Jaiveer Shekhawat in Bengaluru; Editing by Devika
Syamnath)
((JaiveerSingh.Shekhawat@thomsonreuters.com;))