Solar tech company Nextracker expected to price at upper end of range in good sign for IPO market

Solar tech company Nextracker expected to price at upper end of range in good sign for IPO market

The photo voltaic expertise company Nextracker is expected to price its preliminary public providing at the excessive end of its said $20 to $23 per share range, folks with data of the method instructed CNBC.

The order e book for Fremont, California-based Nextracker is “well subscribed,” that means demand will enable the company to meet and even exceed expectations on pricing, in accordance to the sources, who declined to be recognized talking concerning the course of.

The event is a good sign for the moribund IPO market. Proceeds from public listings fell 94% final 12 months after the Federal Reserve started its most aggressive rate-increasing marketing campaign in many years. Traders soured on the shares of unprofitable tech corporations in explicit, many of that are nonetheless underwater after itemizing in 2020 and 2021.

The Nextracker IPO, which had sought to elevate up to $535 million, is arguably the primary significant public itemizing this 12 months as it’s set to be the largest U.S. IPO since autonomous driving agency Mobileye raised $990 million in October.

Nextracker is about to start buying and selling on the Nasdaq trade Thursday morning below the image NXT, in accordance to one of the folks.

The company, which was a subsidiary of producer Flex, sells {hardware} and software program that permits photo voltaic panels to comply with the motion of the solar, enhancing the output of solar energy crops.

JPMorgan Chase was lead advisor on the transaction, in accordance to a regulatory submitting.

This story is creating. Please examine again for updates.

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