Array Technologies, a manufacturer of tracking solutions in the solar energy domain, raised $1.05 billion from its initial public offering on Wednesday.

What Happened: Array’s common stock will make its trading debut on Thursday on the Nasdaq Stock Market under the symbol “ARRY.” The IPO is expected to formally close on Monday.

The company is offloading 47.5 million common stock shares in the IPO, including 40.50 million shares from its parent company. Array is issuing the remaining seven million shares.

JPMorgan Chase, Goldman Sachs Group, Morgan Stanley, UBS Group AG, Credit Suisse Group, and Barclays are some of the underwriters in the consortium. The underwriters are entitled to purchase 7.125 million shares in a greenshoe option within 30 days of IPO closing.

Why Does It Matter: Array’s enterprise valuation is pegged close to $2.8 billion, according to Reuters. Private equity firm Oaktree Capital holds a controlling stake in Array’s parent entity.

Array said in a statement that it would not receive any funds from the sale of the 40.5 million shares by its parent.

The company increased the IPO size twice after earlier saying it intended to sell 33.75 million shares at a price in the range of $19 to $21.

This story originally appeared on Benzinga.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

, ,

Leave a Reply

Your email address will not be published. Required fields are marked *