Nextracker prices upsized IPO above target range

US solar tracking system maker Nextracker, a subsidiary of contract electronics manufacturer Flex Ltd (NASDAQ:FLEX), has priced its upsized initial public offering (IPO) above the previously-disclosed target range, raising USD 638.4 million (EUR 594.9m) in gross proceeds.

Some 26.6 million shares of Class A common stock were placed at USD 24.00 per share in the transaction, more than the originally planned 23.3 million units. The targeted price range for the shares was set at USD 20.00-23.00 apiece.

The Fremont, California-based firm will have its stock market debut on the Nasdaq stock exchange under the trading symbol "NXT" on Thursday, February 9. At the IPO terms, the company’s market capitalisation could reach nearly USD 3.5 billion, based on the total number of shares outstanding listed in the prospectus.

Nextracker kicked off the listing process earlier this year. Following the IPO, Flex remains a controlling shareholder of its subsidiary with a stake of more than 60%.

(USD 1 = EUR 0.931)

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