Nextracker raised $638.4 million with an initial public offering that exceeded expectations Thursday, making it the largest IPO since Mobileye went public in October. Nextracker stock popped 26% as IPO trading began.
The company makes solar power tracker systems that help to maximize the performance of large-scale utility systems. Trackers adjust and align solar panels throughout the day to always face the sun at the optimal angle.
Nextracker sold 26.6 million shares at 24, above the expected range of 20 to 23, then jumped past 30. Shares ended the day up 26.9% to 30.46.
Nextracker is a subsidiary of San Jose, Calif.- based Flex, which will own 66% of Nextracker shares after the offering.
The largest comparable IPO to Nextracker was Array Technologies, which also makes solar trackers.
Array Technologies managed a head-turning IPO in October 2020 that raised $1 billion. It offered 47.5 million shares at $22, above the range of $19 to $21. ARRY stock popped 66% on the first day of trading.
The Nextracker IPO was led by JPMorgan and BofA Securities.
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