STOCK TITAN

Nextracker Announces Pricing of Upsized Initial Public Offering

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Flex Ltd. announced that its subsidiary, Nextracker Inc., has priced an upsized initial public offering (IPO) of 26,600,000 shares of Class A common stock at $24.00 per share. Trading on Nasdaq under the symbol 'NXT' is set to begin on February 9, 2023, with the offering closing on February 13, 2023, barring any customary conditions. The offering includes a 30-day option for underwriters to purchase an additional 3,990,000 shares. Major banks managing the offering include J.P. Morgan and BofA Securities. A registration statement was declared effective by the SEC on February 8, 2023.

Positive
  • Nextracker's upsized IPO of 26.6 million shares at $24.00 each, potentially raising significant capital.
  • The involvement of prominent underwriters could enhance investor confidence.
Negative
  • The potential dilution of existing shareholders due to the offer of additional shares.
  • -

SAN JOSE, Calif., Feb. 8, 2023 /PRNewswire/ -- Flex Ltd. (NASDAQ: FLEX) announced today that its subsidiary, Nextracker Inc. ("Nextracker"), priced its upsized initial public offering of 26,600,000 shares of its Class A common stock ("Common Stock") at an initial public offering price of $24.00 per share. The Common Stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "NXT" on February 9, 2023 and the offering is expected to close on February 13, 2023, subject to customary closing conditions. In addition, Nextracker has granted the underwriters a 30-day option to purchase up to an additional 3,990,000 shares of Common Stock at the initial public offering price, less underwriting discounts and commissions.

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 independent financial advisor to Flex Ltd. in the offering.

The offering will be made only by means of a prospectus. Copies of the prospectus, when available, may be obtained from: the U.S. Securities Exchange Commission (the "SEC") at www.sec.gov; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, by email at dg.prospectus_requests@bofa.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146; and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847, or by email at barclaysprospectus@broadridge.com

A registration statement relating to these securities has been filed with, and declared effective by, the SEC on February 8, 2023. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Flex

Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across 30 countries and responsible, sustainable operations, Flex delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets.

About Nextracker

Nextracker is the leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar power plants around the world. Our products enable solar panels in utility-scale power plants to follow the sun's movement across the sky and optimize plant performance.

Flex Contacts

Investors & Analysts
David A. Rubin
Vice President, Investor Relations
David.Rubin@flex.com 

Media & Press
Mark Plungy
Director, Corporate Public Relations
Mark.Plungy@flex.com

Nextracker Contacts

Investors & Analysts
Don Quinby
Director, Finance
DQuinby@nextracker.com

Media & Press
Kristan Kirsh
Vice President, Global Marketing
KKirsh@nextracker.com

New Flex Logo. (PRNewsFoto/Flex)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/nextracker-announces-pricing-of-upsized-initial-public-offering-301742603.html

SOURCE Flex

FAQ

What is the initial public offering price for Nextracker's shares?

Nextracker priced its IPO at $24.00 per share.

When will Nextracker begin trading on Nasdaq?

Nextracker is expected to begin trading on February 9, 2023.

How many shares is Nextracker offering in its IPO?

Nextracker is offering 26,600,000 shares in its IPO.

Who are the underwriters for Nextracker's IPO?

J.P. Morgan, BofA Securities, Citigroup, and Barclays are the joint lead book-running managers.

What is the expected closing date for the Nextracker IPO?

The offering is expected to close on February 13, 2023.

Flex Ltd. Ordinary Shares

NASDAQ:FLEX

FLEX Rankings

FLEX Latest News

FLEX Stock Data

15.94B
384.97M
0.68%
103.12%
2.47%
Electronic Components
Printed Circuit Boards
Link
United States of America
SINGAPORE