off-the-wire

Solar tech firm Nextracker raises $638 mln in upsized U.S. IPO

Kitco Media
By Reuters
Published:
Updated:
Reuters
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 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)

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