News Briefs

TPG-backed Nextracker raises $638m for IPO

The stock began trading February 9, 2023 on the NASDAQ under the ticker symbol "NXT."

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  • Last year, Nextracker was carved out of Flex via a $500 million investment from TPG Rise Climate
  • J.P. Morgan, BofA Securities, Citigroup, and Barclays are acting as joint lead book-running managers for the offering
  • PJT Partners is serving as financial advisor to Flex Ltd. in the offering

Nextracker, a Fremont, California-based developer of solar tracker systems, raised $638 million in its IPO after the company priced its 26.6 million shares at $24 per share. The stock began trading February 9, 2023 on the NASDAQ under the ticker symbol “NXT.”

J.P. Morgan, BofA Securities, Citigroup, and Barclays are acting as joint lead book-running managers for the offering. Truist Securities, HSBC, BNP PARIBAS, Mizuho, Scotiabank, and KeyBanc Capital Markets are acting as joint book-running managers for the offering. SMBC Nikko, BTIG, UniCredit, Roth Capital Partners, and Craig-Hallum will act as co-managers for the offering. PJT Partners is serving as financial advisor to Flex Ltd. in the offering.

Last year, Nextracker was carved out of Flex via a $500 million investment from TPG Rise Climate.