Nextracker, which provides utility-scale advanced solar tracker systems, announced terms for its IPO on Wednesday.
The Fremont, CA-based company plans to raise $500 million by offering 23.3 million shares (100% synthetic secondary) at a price range of $20 to $23. New investors BlackRock and Norges Bank Investment Management have indicated on $100 million worth of shares in the offering (20% of the deal). At the midpoint of the proposed range, Nextracker would command a fully diluted market value of $3.1 billion.
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.
Nextracker 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. J.P. Morgan, BofA Securities, Citi, Barclays, Truist Securities, HSBC, BNP Paribas, Mizuho Securities, Scotia Capital, and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of February 6, 2023.
