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Photo voltaic know-how supplier Nextracker (NXT), a spinout of diversified producer Flex Ltd. (NASDAQ: FLEX), filed a $100M preliminary public providing.
Nextracker didn’t specify in its submitting the quantity or value of shares to be supplied, however indicated on this submitting charge schedule that it seeks to lift $100M, a quantity that’s seemingly a placeholder and topic to vary.
The photo voltaic vitality know-how supplier stated Flex will seemingly retain a controlling curiosity in its widespread inventory after the transaction. TPG ( TPG ) can be a significant investor.
The corporate hopes to record its shares on the Nasdaq below the image NXT. Bookrunners embody JP Morgan, BofA Securities, Citigroup, HSBC, Barclays, BNP Paribas, Truist Securities, Mizuho, Scotia Financial institution, KeyBanc Capital Markets, SMBC Nikko, BTIG, UniCredit and Roth Capital Companions.
Based mostly in Fremont, Calif., Nextracker’s know-how optimizes solar energy plant efficiency by enabling photo voltaic panels to trace the solar throughout the sky. The corporate was worthwhile, reporting a web revenue of $51M on income of $1.5B for the fiscal 12 months ending March 31, 2022.
For extra on Flex and Nextracker, see “Flex Ltd.: Behind the Scenes Renewables Producer” by Keith Williams.
