Array Technologies, the U.S-based global leader in manufacturing solar tracking solutions, has reportedly secured USD 1.05 billion in Initial Public Offering (IPO) of 47.5 million shares of its common stock at a price to the public of USD 22.00 per share.
Sources cite that the offering, which is backed by Oaktree Capital, has valued the solar power equipment maker at USD 2.8 billion. The company aimed to sell 45 million shares at USD 19 to USD 21 per share.
As per a filing with the U.S. SEC (Securities and Exchange Commission), Array Founder Ron Corio and Oaktree Capital will own 73 percent of the firm’s total outstanding shares after the Initial Public Offering.
Oaktree Capital acquired an undisclosed stake in a solar equipment maker in 2016. The company went public as the global energy consumption trend is transitioning from fossil fuels to renewable sources such as wind and solar.
Established in 1989, Array Technologies had a net income of USD 76.1 million on revenue of USD 552.6 million in the first half of 2020. In 2019, the company earned USD 39.7 million on USD 647.9 million of revenue. It ended June with USD 749.2 million of debt.
According to sources familiar with the knowledge of the matter, shares in the company will commence trading on the Nasdaq under the symbol ‘ARRY’ on Thursday. Guggenheim Securities, Morgan Stanley, JP Morgan, and Goldman Sachs are acting as representatives of the underwriters for the Initial Public Offering.
For the record, Array Technologies is one of the leading manufacturers of ground-mounting systems used in solar energy projects across the world. The company principle product portfolio includes steel supports, controllers, electric motors, gearboxes, etc. The company is headquartered in the U.S. with offices in Australia, Europe, and Central America.