Nextracker, which designs and manufactures solar tracking systems, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Nextracker is a provider of integrated solar tracker and software solutions. Its products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. The company has shipped approximately 70 GW of its solar tracker systems as of September 30, 2022 to projects on six continents for use in utility-scale and ground-mounted distributed generation solar applications worth more than $67 billion. Its customers include engineering, procurement and construction firms (“EPCs”), as well as solar project developers and owners.
The Fremont, CA-based company was founded in 2013 and booked $1.6 billion in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol NXT. Nextracker filed confidentially on April 8, 2021. J.P. Morgan, BofA Securities, Citi, and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
