Shares of solar-tracking business Nextracker Inc soared 26% in their U.S. market debut on Thursday, suggesting that the IPO market was showing signs of emerging from a prolonged freeze.
Fremont, California-based Nextracker, a unit of Singapore’s Flex Ltd, saw its stock open at $30.31, above the company’s upsized initial public offering price of $24 a share.
“It’s yet another sign that the 2023 IPO market is thawing. So it’s a breath of fresh air,” said Matthew Kennedy, senior IPO market strategist at Renaissance Capital.
Source: https://www.reuters.com/business/sustainable-business/solar-firm-nextrackers-shares-soar-us-debut-ipo-market-thaws-2023-02-09/