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Solar technology provider Nextracker (NXT), a spin-off of diversified manufacturer Flex Ltd. (NASDAQ:FLEXION), has requested an initial public offering of $100 million.
Nextracker did not specify in your presentation the number or price of shares to be offered, but indicated in its filing fee schedule that it was looking to raise $100 million, a figure that is likely a placeholder and subject to change.
The solar power technology provider said Flex will likely have a majority stake in its common shares after the transaction. TPG (TPG) is also a major investor.
The company expects to list its shares on Nasdaq under the symbol NXT. Book brokers include JP Morgan, BofA Securities, Citigroup, HSBC, Barclays, BNP Paribas, Truist Securities, Mizuho, Scotia Bank, KeyBanc Capital Markets, SMBC Nikko, BTIG, UniCredit, and Roth Capital Partners.
Headquartered in Fremont, California, Nextracker’s technology optimizes solar power plant performance by allowing solar panels to track the sun across the sky. The company is profitable and reports net income of $51 million on revenues of $1.5 billion for the fiscal year ended March 31, 2022.
For more information on Flex and Nextracker, see “Flex Ltd.: Behind the Scenes Renewables Manufacturer” by Keith Williams.
