Nextracker successfully goes public

U.S. manufacturer of single-axis tracking systems for large-scale solar power plants Nextracker Inc. has placed 26.6 million shares in its initial listing on the New York Stock Exchange Nasdaq. The shares were offered at an issue price of $ 24 by Nextracker parent Flex Ltd. for a total volume of $ 638.4 million. The company assessed net proceeds at »approximately $ 693.8 million.«
The registration application for the IPO had been filed with the US Securities and Exchange Commission (SEC) on January 13 (we reported). When the offering was announced to the public on February 3, just under 23.3 million shares were listed at an issue price of $ 20 to $ 23; this was extended on February 8. On the day after the IPO, the share price ranged between $ 28.51 and $30.84. At the close of trading on Friday (Feb. 10), the company had a market capitalization of around $ 4.16 billion at a share price of $ 30.31.

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