Nextracker, a solar energy company, files for IPO as interest in solar energy increases.

Nextracker Inc., a Provider Of Solar Energy Technology, Has Filed For an Initial Public Offering (IPO). This Adds To the Growing Number Of Potential Listings That Suggest At Least a Partial Recovery For the US Market.

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In its filing with the US Securities and Exchange Commission on Friday, the company disclosed annual revenue of around $1.5 billion and net income of $51 million for its last fiscal year. Nextracker did not disclose a size and price range for its offering. Nextracker's investors include TPG, which bought a minority stake in the company last year. Nextracker's parent company Flex Ltd. will continue to control the company after the IPO.

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After a record $339 billion was raised in US IPOs in 2021, last year's listings plunged to $24 billion amid concerns over market volatility, inflation and geopolitical tensions, according to data compiled by Bloomberg. However, Skyward Specialty Insurance Group Inc. raised more than $100 million in an IPO on a US exchange on Friday, providing one of the first signs of a possible thaw in the market.

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Companies that are in the process of listing their shares include Johnson & Johnson's consumer health business Kenvue Inc., which filed for an IPO this month, and Vietnam-based electric-vehicle maker VinFast Auto Ltd., which submitted its filing in December.

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Nextracker, based in Fremont, California, provides integrated solar tracker and software solutions for use in utility-scale and ground-mounted distributed generation solar projects. Its products enable solar panels to follow the sun’s movement across the sky and optimize performance.

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Nextracker is moving to go public months after the US passed a landmark climate law providing tax credits to solar installations, including the large fields of panels that use the company’s trackers. This is a great opportunity for the company to capitalize on the growing demand for solar energy. With the tax credits, more people will be able to afford solar panels, which will help to increase the demand for Nextracker’s products.

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JPMorgan Chase & Co. and Bank of America Corp. are leading the offering for Nextracker, with 12 other underwriters including Citigroup Inc. and Barclays Plc listed in its filing. Nextracker plans for its shares to trade on the Nasdaq Global Select Market under the symbol NXT.