Who’s NEXT? It looks promising that Nextracker’s IPO will come out and look pretty good. Pricing in the range of $20-$23 per share implies a relative discount to the tracker peers already in the public markets. The $500million IPO looks to provide the secondary (liquidity) to Flex, it’s current owner. The TPG Rise fund which invested last year, does not appear to be selling their shares according to analyst reports. As a profitable company, leading in it’s segment, Nextracker looks to unlock the public markets in what has been a dry (read closed) IPO market. This could be exactly what the clean tech markets needs to signal that the IRA is ready to unlock the trillions of project capital and that the companies supporting that investment are ready to be worth billions.
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- Reuters: Solar tech firm Nextracker aims to raise up to $534.9 mln in U.S. IPO
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Opinion
Best, Yann