Solar energy technology provider Nextracker Inc. filed for an initial public offering (IPO) on Friday with the US Securities and Exchange Commission. This comes as a growing amount of potential listings indicates a warming of the U.S. energy market.
According to the company’s listing, Nextracker has an annual revenue in the region of $1.5 billion with a net income of $51 million over the last fiscal year.
Nextracker supplies integrated solar tracker and software solutions used in ground-mounted and utility-scale distributed generation solar projects. The company’s products assist solar panels to follow the sun’s movement across the sky, thereby optimizing performance.
The company’s decision to go public follows the passing of a landmark U.S. climate law that provides tax credits to solar institutions, including those that make use of panels that use Nextracker’s product.
Nextracker’s backers include TPG, while parent company Flex Ltd. will retain control of the company following the IPO. The public offering is being led by JPMorgan Chase & Co. and Bank of America Corp., followed by 12 other underwriters. The company is planning to trade under the ticker NXT on the Nasdaq Global Select Market.