Array Technologies, which manufactures solar panel mounting systems that track the sun, announced terms for its IPO on Wednesday.
The Albuquerque, NM-based company plans to raise $675 million by offering 33.8 million shares (79% insider) at a price range of $19 to $21. At the midpoint of the proposed range, Array Technologies would command a fully diluted market value of $2.5 billion.
Array Technologies is one of the world’s largest manufacturers of ground-mounting systems used in solar energy projects. The company's principal product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers commonly referred to as a single-axis "tracker." Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which increases energy production.
Array Technologies was founded in 1989 and booked $975 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol ARRY. Goldman Sachs, J.P. Morgan, Guggenheim Securities, Morgan Stanley, Credit Suisse, Barclays and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price on Wednesday, October 14, 2020.
The article I'll follow the sun: Solar systems maker Array Technologies sets terms for $675 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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