Nextracker to go public

From pv magazine USA

Nextracker, a specialist in solar trackers, has filed a registration statement with the SEC related to a proposed IPO. The company said in its filing fee schedule that it expects to raise $100 million. Nextracker plans to list on the Nasdaq Global Select Market under the ticker symbol NXT.

J.P. Morgan, BofA Securities, Citigroup, and Barclays are acting as joint lead book-running managers for the proposed offering. Truist Securities, HSBC, BNP Paribas, Mizuho, Scotiabank, and KeyBanc Capital Markets are acting as joint book-running managers.

Nextracker was acquired in 2015 by Flex for $330 million. It has since become a leader in the US solar tracker market, with its integrated solar tracker and software solutions used in utility-scale and distributed generation solar power plants around the world. The company is known for its innovative technology as well as its dedication to made-in-America products.

In June 2022, the company announced the opening of its third dedicated steel production line in the United States. Other steel line locations include Phoenix, Arizona and Corpus Christi, Texas. Nextracker President Howard Wenger told pv magazine that each of these locations was chosen “to help Nextracker better serve some of its strategic growth and development markets across the US.”

The timing, the number of shares of common stock to be offered, and the price range for the proposed offering have yet to be filed. In February 2022, Flex sold $500 million of preferred equity in Nextracker to TPG Rise Climate, the climate investing platform of the global private equity firm TPG. At the time of the investment, Nextracker had an implied enterprise value of $3 billion. In conjunction with the equity transaction, Flex filed plans for the formal separation of Nextracker from its main business, with plans to pursue an IPO after submitting a confidential S-1 filing.