Nextracker Announces Upscale IPO, Set to Start Trading on Nasdaq on February 9th

Flex Ltd. (FLEX) announced that its subsidiary, Nextracker Inc. (NXT), priced its upsized initial public offering (IPO) of 26.6 million shares of its Class A common stock at an initial public offering price of $24.00 per share.[0] The stock is expected to start trading on the Nasdaq Global Select Market under the ticker symbol “NXT” on February 9, 2023 and the offering is expected to close on February 13, 2023, subject to customary closing conditions.[1] In addition, Nextracker has granted the underwriters a 30-day option to purchase up to an additional 3.99 million shares of Common Stock at the initial public offering price, less underwriting discounts and commissions.[2]

Nextracker is a solar technology firm that enables solar panels to follow the sun’s movement across the sky and optimize plant performance.[3] It is a subsidiary of Flex Ltd., which will retain a controlling stake in Nextracker following the IPO.[4] The filing also indicated that TPG (TPG) will remain a major investor for Nextracker.[5]

The company’s IPO was led by JPMorgan and BofA Securities, with Truist Securities, HSBC, BNP PARIBAS, Mizuho, ScotiaBank, and KeyBanc Capital Markets as joint bookrunners.[2] Co-managers include SMBC Nikko, BTIG, UniCredit, Roth Capital Partners, and Craig-Hallum.[0] Flex Ltd. has engaged PJT Partners to act as the independent financial advisor in the offering.[6]

Nextracker projects to record $1.5 billion in 2022 revenue and deliver 15 GW of tracker hardware for the year.[7] It said that it had shipped 70GW of tracker technology worldwide as of September 2022, cumulatively worth over US$67 billion.[8] [8]

The offering can only be done through a prospectus.[6] Copies of the prospectus, when available, may be obtained from the U.S. Securities Exchange Commission (SEC) at; J.P. Morgan Securities LLC, BofA Securities, Citigroup, and Barclays Capital Inc.[6]; and other sources.

0. “Nextracker announces IPO pricing – pv magazine USA” pv magazine USA, 9 Feb. 2023,

1. “Nextracker IPO prices at $24 By” UK, 9 Feb. 2023,

2. “Solar tech firm Nextracker stock rallies 24% after upsized $638M IPO” msnNOW, 9 Feb. 2023,

3. “IPO Outlook: HSAI, NXT, MLYS, ENLT, NRXS” Value the Markets, 6 Feb. 2023,

4. “Solar Energy Firm Nextracker Seeks Up to $535 Million in US IPO” Financial Post, 2 Feb. 2023,

5. “Solar energy tech provider Nextracker upsizes proposed IPO to $500M” Seeking Alpha, 1 Feb. 2023,

6. “Nextracker Announces Launch of Initial Public Offering – Flex (NASDAQ:FLEX)” Benzinga, 1 Feb. 2023,

7. “Energy software company Nextracker files for IPO” Axios, 1 Feb. 2023,

8. “Nextracker targets US$530 million in Initial Public Offering” PV-Tech, 3 Feb. 2023,