FTC Solar, which provides utility-scale advanced solar tracker systems, raised $258 million by offering 19.8 million shares (40% synthetic secondary) at $13, well below the range of $18 to $20. At pricing, the company commands a fully diluted market value of $1.3 billion.
FTC is a global provider of 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 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 plans to list on the Nasdaq under the symbol FTCI. Barclays, BofA Securities, Credit Suisse, UBS Investment Bank and HSBC acted as lead managers on the deal.
