Flex revealed that its Nextracker subsidiary has publicly filed paperwork with the US Securities and Trade Fee (SEC) to launch an preliminary public providing.
From pv journal USA
Nextracker, a specialist in photo voltaic trackers, has filed a registration assertion with the SEC associated to a proposed IPO. The corporate stated in its charge schedule submitting that it expects to boost $100 million. Nextracker plans to record on the Nasdaq International Choose Market below the ticker image NXT.
JP Morgan, BofA Securities, Citigroup, and Barclays are appearing as joint book-running managers for the proposed providing. Truist Securities, HSBC, BNP Paribas, Mizuho, Scotiabank, and KeyBanc Capital Markets are appearing as joint book-running managers.
Nextracker was acquired in 2015 by Flex for $330 million. It has since change into a frontrunner within the US photo voltaic tracker market, with its built-in photo voltaic tracker and software program options utilized in utility-scale and distributed technology solar energy vegetation around the globe. The corporate is understood for its progressive expertise in addition to its dedication to American-made merchandise.
In June 2022, the corporate introduced the opening of its third devoted metal manufacturing line in the US. Different areas on the metal line embody Phoenix, Arizona and Corpus Christi, Texas. Nextracker President Howard Wenger stated pv journal that every of those areas was chosen “to assist Nextracker higher serve a number of the strategic development and improvement markets within the US.”
The timing, the variety of shares of widespread inventory to be provided, and the value vary for the proposed providing haven’t been disclosed. In February 2022, Flex offered $500 million of most well-liked fairness in Nextracker to TPG Rise Local weather, the local weather funding platform of world personal fairness agency TPG. On the time of the funding, Nextracker had an implied enterprise worth of $3 billion. Together with the fairness transaction, Flex filed plans to formally separate Nextracker from its core enterprise, with plans to pursue an IPO after submitting a confidential S-1 submitting .
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