FTC Solar, which provides advanced solar tracker systems, announced terms for its IPO on Monday.
The Austin, TX-based company plans to raise $350 million by offering 18.4 million shares (43% synthetic secondary) at a price range of $18 to $20. At the midpoint of the proposed range, FTC Solar would command a fully diluted market value of $1.9 billion and an enterprise value of $1.7 billion (9.0x EV/sales).
FTC is a global provider of advanced solar tracker systems, supported by proprietary software and value-added engineering services. Its tracker systems are currently marketed under the Voyager brand name, which is a next-generation two-panel in-portrait single-axis tracker. With its Voyager offering, FTC is one of the largest providers of two-panel in-portrait trackers in the US, with an estimated 11% share of the US tracker market. Through December 31, 2020, the company had sold more than a cumulative 1.9 GW of Voyager Trackers, and as of that date, it had $109 million of executed contracts and awarded orders for Voyager with anticipated shipment dates in 2021, a +100% increase over 2019.
FTC Solar was founded in 2017 and booked $187 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol FTCI. Barclays, BofA Securities, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of April 26, 2021.
