The IPO Buzz: Nextracker Prices Upsized IPO at $24.00 – $1.00 Above Range

Nextracker Inc. (NXT) priced its upsized IPO at $24.00 – $1.00 above the top of its $20.00-to-$23.00 range – tonight (Wednesday, Feb. 8, 2023) on 26.6 million shares to raise $638.4 million, Nextracker’s parent, Flex, Ltd. said. 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. It’s also the biggest IPO since Mobileye Global (MBLY) went public in late October.

The pricing of Nextracker’s IPO was accelerated to tonight – moved up a night from its original spot on Thursday night’s schedule.

Nextracker’s stock is expected to start trading on Thursday (Feb. 9, 2023) on the NASDAQ.

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.

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

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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