Solar tech firm Nextracker to debut after above-expectations IPO
09/02/2023 13:35
** Nextracker Inc NXT.O , solar tracking business of
Singapore's Flex Ltd FLEX.O , poised to debut on Thurs as IPO
market shows glimmers of hope to start 2023
** Nextracker sells 26.6 mln shares at $24 for $638 mln
raise after marketing ~23.3 mln share IPO at $20-$23
** Shares to begin trading on the Nasdaq with symbol "NXT"
** All IPO proceeds will go to Flex, which will own ~65% of
Nextracker, while PE firm TPG Inc TPG.O owns ~17% of the firm
** Asset manager giant BlackRock Inc BLK.N and Norway's
Norges Bank indicated to buy up to $100 mln of IPO shares, per
the prospectus filing
** 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
** New issue market froze last year as investors shunned
risk and growth names amid heightened volatility and rising
interest rates
** On a promising note, Skyward Specialty Insurance Group
Inc's SKWD.O shares are 29% above last month's IPO price,
while shares of Structure Therapeutics Inc GPCR.O up 55% since
its debut last week
(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))