Solar technology firm Nextracker said on Wednesday it was aiming to raise up to $534.9 million in its U.S. initial public offering, at a time when investor interest in new listings has ebbed due to market volatility.
The offering of roughly 23.3 million common shares of Nextracker is expected to be priced between $20 and $23 apiece.
The company is choosing to go ahead with the listing 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, however, is looking to tap investor interest in sustainable business practices, particularly clean energy solutions, as money managers factor in environmental social governance (ESG) policies in their investment strategy.
The company expects to trade on the Nasdaq Global Select Market under the ticker symbol "NXT" at the close of the proposed offering.
J.P. Morgan, BofA Securities, Citigroup, and Barclays
are acting as joint lead underwriters for the offering.
(Reporting by Manya Saini in Bengaluru; Editing by Anil
D'Silva)
