Array Technologies, which manufactures solar panel mounting systems that track the sun, raised the proposed deal size for its upcoming IPO on Tuesday.
The Albuquerque, NM-based company now plans to raise $900 million by offering 45 million shares (84% insider) at a price range of $19 to $21. The company had previously filed to offer 33.8 million shares (79% insider) at the same range. The additional shares are all being offered by existing stockholders. At the midpoint, the offering will be 33% larger than previously anticipated.
Array Technologies is one of the world’s largest manufacturers of ground-mounting systems used in solar energy projects. The company's principal product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers commonly referred to as a single-axis "tracker." Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which increases energy production.
Array Technologies was founded in 1989 and booked $975 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol ARRY. Goldman Sachs, J.P. Morgan, Guggenheim Securities, Morgan Stanley, Credit Suisse, Barclays and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price the week of October 12, 2020.
