The IPO market got a dose of good news Thursday, as solar energy company Nextracker Inc raised $638 million in its IPO.
The maker of solar tracker systems was the largest US IPO since Mobileye Global Inc's October debut on Nasdaq. It was also the largest solar energy IPO in more than two years.
The Fremont, California-based company sold 3.3 million more shares than expected at $24 each, beating its proposed $21-$23 range.
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Nextracker sells solar trackers and licenses its energy management software to a set of solar project developers and engineering firms that construct grid-scale solar projects, according to reports.
This major IPO may be more than just a one-off. Three other companies recently announced plans to raise at least $150 million in IPOs, including Tel Aviv-based renewable energy firm Enlight.
“The window seems like it’s cracked open right now,” JPMorgan Chase vice chairman for equity capital markets Michael Wise told CNBC. “The strong market performance since the beginning of this year has investors and issuers back and engaged; many companies are now going through pre-IPO, testing-the-waters processes.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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