da-kuk/iStock via Getty Images
Solar technology supplier Nextracker (NXT), spun off from Flex Ltd. (NASDAQ: FLEX), valued its $638 million initial public offering at $24 per share.
Nextracker said it valued the 26.6 million shares at $24 a share. Insurers will be granted a 30-day option to purchase up to 3.99 million additional shares at the IPO price.
Nextracker shares are expected to begin trading on Thursday under the ticker symbol NXT. JP Morgan, BofA Securities, Citigroup and Barclays are the lead bookrunners of the deal.
In a filing last week, Nextracker said it wanted to offer 23.26 million shares at a price between $20 and $23 a share, which would raise $500 million if the price were at the midpoint.
Based in Fremont, California, Nextracker’s technology optimizes solar plant performance by allowing solar panels to track the sun across the sky.
For more on Flex and Nextracker, see “Flex Ltd.: Behind the Scenes at a Renewable Energy Producer” by Keith Williams or “Solar Tracking Firm Nextracker Aims for U.S. IPO” by Donovan Jones.