Nextracker Files Registration Statement for Proposed Initial Public Offering

Rhea-AI Summary

Nextracker, a subsidiary of Flex, has filed a registration statement with the SEC for a proposed initial public offering (IPO) of its Class A common stock under the ticker symbol NXT. The specific details regarding the number of shares and pricing are still to be determined, with the offering subject to market conditions. Notable underwriters involved include J.P. Morgan, BofA Securities, Citigroup, and Barclays. This move aims to enhance Nextracker's position as a leading provider of solar tracker solutions in the renewable energy sector.

Positive

• Nextracker aims to enhance its market position with an IPO.
• Collaboration with major underwriters indicates strong market interest.

Negative

• The registration statement has not yet become effective, delaying potential sales.
• Market conditions may impact the timing and pricing of the IPO.

Nextracker intends to list its common stock on Nasdaq under the ticker symbol "NXT"

SAN JOSE, Calif., Jan. 13, 2023 /PRNewswire/ -- Flex Ltd. (NASDAQ: FLEX) announced today that its subsidiary, Nextracker Inc. ("Nextracker"), has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to a proposed initial public offering of shares of Nextracker's Class A common stock ("Common Stock"). In connection with the proposed offering, Nextracker intends to list its Common Stock on the Nasdaq Global Select Market under the ticker symbol "NXT." The timing, number of shares of Common Stock to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions.

J.P. Morgan, BofA Securities, Citigroup, and Barclays are acting as joint lead book-running managers for the proposed offering. Truist Securities, HSBC, BNP PARIBAS, Mizuho, Scotiabank, and KeyBanc Capital Markets are acting as joint book-running managers for the proposed offering. SMBC Nikko, BTIG, UniCredit, and Roth Capital Partners will act as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from: 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.

The registration statement relating to the proposed offering has been filed with the SEC but has not yet become effective. The Common Stock may not be sold, nor may offers to buy any Common Stock be accepted prior to the time the registration statement becomes effective.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. 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 Contact
Media & Press 
Kristan Kirsh
Vice President, Global Marketing
kkirsh@nextracker.com

 

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SOURCE Flex

FAQ

What is the purpose of Nextracker's IPO filing?

Nextracker's IPO filing aims to raise capital and strengthen its market position in the solar energy sector.

Who are the underwriters for Nextracker's IPO?

The underwriters include J.P. Morgan, BofA Securities, Citigroup, and Barclays.

When will Nextracker's shares be available for trading?

The exact timing for trading Nextracker's shares has not been determined and is subject to market conditions.

What is the ticker symbol for Nextracker's stock?

Nextracker intends to list its shares on Nasdaq under the ticker symbol 'NXT.'

How will the proceeds from the IPO be used?

The specifics of how the proceeds will be used have not been disclosed in the press release.