Flex-Owned Solar Solutions Supplier Nextracker Files For US IPO

Flex Ltd 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.