Line of Credit 
PrintFlex-Owned Solar Solutions Supplier Nextracker Files For US IPO
- Flex Ltd NASDAQ:FLEX subsidiary, Nextracker Inc, filed for a proposed initial public offering of shares.
- Nextracker aims to list its common stock on the Nasdaq under the ticker symbol "NXT."
- Nextracker provides intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects worldwide.
- Nextracker has yet to fix the proposed offering's timing, number of shares, and price range.
- Nextracker disclosed annual revenue of about
$1.46 billion with a net income of$50.9 million for its last fiscal year. - Nextracker parent Flex will continue to control the company after the IPO, Bloomberg reports.
- The IPO came after the U.S. passed a landmark climate law providing tax credits to solar installations, including the large fields of panels that use the company's trackers.
- Separately, Flex's factory site in Sorocaba,
Brazil , won the distinction ofSustainability Lighthouse under the World Economic Forum's Global Lighthouse Network (GLN). This is the first factory inBrazil to receive aSustainability Lighthouse recognition. - The Flex team in Sorocaba,
Brazil , exhibited a substantial reduction in their environmental footprint. - Price Action: FLEX shares traded higher by 1.96% at
$24.50 on the last check Tuesday.
