IPOs

Solar panel mounting manufacturer Array Technologies increases deal size by 33% ahead of $900 million IPO

Array Technologies, which manufactures solar panel mounting systems that track the sun, raised the proposed deal size for its upcoming IPO on Tuesday.

The Albuquerque, NM-based company now plans to raise $900 million by offering 45 million shares (84% insider) at a price range of $19 to $21. The company had previously filed to offer 33.8 million shares (79% insider) at the same range. The additional shares are all being offered by existing stockholders. At the midpoint, the offering will be 33% larger than previously anticipated.

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 the week of October 12, 2020.

The article Solar panel mounting manufacturer Array Technologies increases deal size by 33% ahead of $900 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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