Solar Tracking Company Array Technologies Closes IPO After Raising Over $1 Billion

This is one of the largest solar initial public offerings in the world


Array Technologies, a U.S.-based manufacturer of solar tracking systems used in large-scale projects,  has announced eh close its upsized initial public offering (IPO) after raising over $1 billion in one of the biggest solar IPOs in the world.

The trading of shares on the Nasdaq Global Market began under the ‘ARRY’ symbol from October 15th, and the stock closed at $38.95 on October 19th.

Array Technologies put up its seven million common stock shares in the offering. Meanwhile, its parent organization managed by Oaktree Capital (selling stockholder), offered its 40.5 million common stock shares in the offering. The parent organization also provided a 30-day option for the underwriters to buy an additional 7.12 million shares at the public offering price.

Goldman Sachs, JP Morgan, Morgan Stanley, and Guggenheim Securities were the joint book-runners for the offering. While Credit Suisse, UBS Investment Bank, and Barclays were book-runners for the offering. Besides this, Cowen, Oppenheimer, Mitsubishi UFG Financial Group (MUFG), and Nomura Holdings were co-managers for the deal.

Last week, the company filed to raise $675 million in an IPO of its common stock, Mercom had reported.

Lately, several solar companies have decided to go public through IPOs globally.

For instance, GoodWe, a solar inverter manufacturer, also recently announced the initial public offering of its common stock on the Shanghai Stock Market, making it a listed public company. The trading of the company’s shares on the Shanghai Stock Market began on September 4, 2020.

Last month, Daqo New Energy Corporation, a global solar polysilicon manufacturer, revealed its plans to raise $732 million (~₹53.7 billion) for new polysilicon manufacturing facilities and working capital requirements. It added that it intends to use the proceeds from the IPO to set up a phase 4B ultra-high-purity polysilicon manufacturing facility for monocrystalline solar PV wafer applications with an annual production capacity of 35,000 metric tons.

Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.

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