Here's How NEXTracker Has Performed Since Its IPO

NEXTracker NXT opened up its shares for public trading for the first time since it filed for IPO in January 2023. The company agreed to initially offer 26.60 million shares to the public at $24.00 per share. On its first day of trading, the stock rose 0.49% from its opening price of $30.31 to its closing price of $30.46.

NEXTracker Performance On First Day of Trading

About NEXTracker and It's IPO

Nextracker Inc is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world.

For its IPO, NXT agreed to offer 26.60 million shares at a price of $24.00 per share, with an insider lock-up period of 180 days, ending on August 08, 2023.

An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.

Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.