Flex-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 of Sustainability Lighthouse under the World Economic Forum's Global Lighthouse Network (GLN). This is the first factory in Brazil to receive a Sustainability 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.

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