February 2 (Renewables Now) - US solar tracking system maker Nextracker, a subsidiary of contract electronics manufacturer Flex Ltd (NASDAQ:FLEX), has kicked off the roadshow for its proposed initial public offering (IPO) that targets gross proceeds of up to USD 535 million (EUR 486m).
Roughly 23.3 million shares will be placed in the transaction, with about 3.49 million more units provided to cover overallotments, if any. The set price range for the offering is USD 20.00-23.00 per share, the company’s prospectus shows.
Upon completion of the IPO, Flex will keep control of its subsidiary, having a stake of more than 60%.
The Fremont, California-based firm, which launched the going-public process earlier this year, has applied to list its shares on the Nasdaq stock exchange under the trading symbol "NXT".
JP Morgan, BofA Securities, Citigroup, and Barclays serve as joint lead book-running managers for the IPO.
(USD 1 = EUR 0.909)
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