Flex Ltd solar energy spinout Nextracker, backed by TPG, files for $100M IPO (NASDAQ:FLEX)

Photo voltaic expertise supplier Nextracker (NXT), a spinout of diversified producer Flex Ltd. (NASDAQ:FLEX), has filed for a $100M preliminary public providing.

Nextracker did not specify in its submitting the quantity or value of the shares to be supplied, however indicated in its submitting price schedule that it was seeking to increase $100M, a determine that’s doubtless a placeholder and topic to alter.

The photo voltaic vitality expertise supplier mentioned that Flex will doubtless maintain a controlling curiosity in its widespread inventory after the transaction. TPG (TPG) can be a significant investor.

The corporate hopes to checklist its shares on Nasdaq underneath the image NXT. Bookrunners embrace JP Morgan, BofA Securities, Citigroup, HSBC, Barclays, BNP Paribas, Truist Securities, Mizuho, Scotia Financial institution, KeyBanc Capital Markets, SMBC Nikko, BTIG, UniCredit and Roth Capital Companions.

Primarily based in Fremont, Calif., Nextracker’s expertise optimizes solar energy plant efficiency by enabling photo voltaic panels to trace the solar throughout the sky. The corporate is worthwhile, reporting a web revenue of $51M on income of $1.5B for the fiscal 12 months ended March 31, 2022.

For extra on Flex and Nextracker, try Keith Williams’ “Flex Ltd.: Behind the Scenes Renewables Producer.”