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), filed a $100M preliminary public providing.

Nextracker didn’t specify in its submitting the quantity or value of shares to be supplied, however indicated on this submitting price schedule that it seeks to boost $100M, a quantity that’s doubtless a placeholder and topic to vary.

The photo voltaic power expertise supplier stated Flex will doubtless retain a controlling curiosity in its frequent inventory after the transaction. TPG ( TPG ) can also be a significant investor.

The corporate hopes to checklist its shares on the 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 was worthwhile, reporting a internet revenue of $51M on income of $1.5B for the fiscal 12 months ending March 31, 2022.

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