The IPO Buzz: Nextracker (NXT) Climbs 26.3 Percent in its NASDAQ Debut

Salute to the sun: The shares of solar tracker company Nextracker Inc. (NXT) shot up 26.3 percent to open at $30.31 – up $6.31 from their $24.00 IPO price – at 12:27 p.m. EST today – Thursday, Feb. 9, 2023 – in their debut on the NASDAQ. Volume on that opening trade, according to NASDAQ: 3,483,448 shares. By 12:56 p.m. EST, Nextracker’s stock was trading at $29.41, up 22.5 percent, on volume of about 7.2 million shares.

Its direct competitor, Array Technologies Inc. (ARRY), was trading at $20.80, down a penny or 0.05 percent.

The NASDAQ Composite Index was down about 10 points at 11,900.40 at about 1 p.m. EST after leading the overall stock market’s rally earlier today.

Nextracker Inc. (NXT) priced its upsized IPO at $24.00 – $1.00 above the top of its $20.00-to-$23.00 range – on Wednesday night, Feb. 8, 2023, on 26.6 million shares to raise $638.4 million. The solar tracker company’s IPO was increased by 3.34 million shares – or about 14.4 percent – from the 23.26 million shares in the prospectus. This is the biggest IPO of the year – and the biggest IPO since Mobileye Global (MBLY) went public in late October.

Early this week, Nextracker’s IPO got on the fast track. The pricing date was accelerated to Wednesday night (Feb. 8, 2023). The IPO’s timing was moved up a night from its original pricing date on Thursday night.

J.P. Morgan, BofA Securities, Citigroup and Barclays were the joint lead book-running managers of Nextracker’s IPO. Truist Securities, HSBC, BNP Paribas, Mizuho, Scotiabank and KeyBanc Capital Markets served as joint book-runners.

SMBC Nikko, BTIG, UniCredit, Roth Capital Partners and Craig-Hallum were the co-managers of Nextracker’s IPO.

BlackRock, Inc. funds and Norges Bank Investment Management had indicated an interest in buying up to an aggregate of $100 million – or 20 percent – of the IPO, according to the prospectus.

Nextracker’s IPO received a warm reception from IPO investors at launch – thanks to its profitability and investors’ enthusiasm for the solar energy sector.

Based in Fremont, California, Nextracker describes itself as “a leading provider of intelligent integrated solar tracker and software solutions used in utility-scale solar projects around the world.”

Their trackers enable solar panels to follow the sun.

Nextracker reported net income of $50.1 million on revenue of $1.5 billion for fiscal year 2022, which ended March 31, 2022.

On Monday, Nextracker updated its prospectus by disclosing that “we expect to generate net income of $98 million in the nine-month period ended December 31, 2022, compared to $45 million in the nine-month period ended December 31, 2021.”

Nextracker said it expects revenue of $1.383 billion in the nine-month period ended Dec. 31, 2022, compared to $1.018 billion in the nine-month period ended Dec. 31, 2021, according to the amended prospectus.

Stay tuned.

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

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