Nextracker, a Fremont, Calif.-based developer of solar tracker systems, raised $638 million in its IPO.
Nextracker sells solar trackers and licenses its energy management software to a set of solar project developers and engineering firms that construct grid-scale solar projects.Nextracker sold 3.
3 million more shares than expected, pricing at $24 per share . It will trade on the Nasdaq , with a fully diluted market value north of $3.4 billion.The company last year was carved out of Flex via a $500m investment from TPG Rise Climate. Flex retains an 82% pre-IPO stake, with TPG holding 17.23%.
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