Solar tech firm Nextracker raises $638 mln in upsized U.S. IPO
09/02/2023 03:47
Feb 8 (Reuters) - Solar technology firm Nextracker
raised $638 million in its U.S. IPO, pricing it slightly higher
than its indicated target range, parent company Flex Ltd
FLEX.O said in a statement on Wednesday, adding that the
number of shares sold was increased.
Nextracker sold 26.6 million shares of its Class A common
stock at $24 apiece, according to the statement, giving the
Fremont, California-based company a valuation of over $3.5
billion. This comes at the upper-end of their indicated range of
$20 to $23 per share.
The decision to increase the deal size comes at a
challenging time for the U.S. IPO market, where activity has
come to a standstill due to heightened volatility in a rising
interest rate environment.
Nextracker is expected to debut on the Nasdaq Global Select
Market on Feb. 9 under the ticker symbol "NXT", and the offering
is expected to closed on Feb. 13, Singapore-based manufacturing
solutions provider Flex said.
Nextracker has also granted the underwriters an option to
purchase up to about additional 4 million shares, it added.
J.P. Morgan, BofA Securities, Citigroup, and Barclays acted
as joint lead underwriters for the offering.
(Reporting by Urvi Dugar and Akriti Sharma in Bengaluru;
Editing by Sherry Jacob-Phillips)
((UrviManoj.Dugar@thomsonreuters.com;))