Nextracker, which provides utility-scale advanced solar tracker systems, raised $638 million by offering 26.6 million shares at $24, above the range of $20 to $23.
Compared to its original terms, the company sold 14% more shares and raised 28% more in proceeds than anticipated.
Nextracker is the largest US IPO since Mobileye (MBLY) in October 2022, and the largest solar company to go public since Shoals Technologies Group (SHLS) in January 2021.
A leader in its field, Nextracker's 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 solar project developers, owners, and engineering firms.
Nextracker 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 acted as joint bookrunners on the deal.
