US-headquartered Array Technologies has announced an upsized initial public offering of 47,500,000 shares of its common stock. The shares are being offered at a price of $22.00 per share to the public, thereby raising $1.05 billion in total. The offering consists of 7,000,000 shares being sold by Array Technologies and 40,500,000 shares by Oaktree Capital, a parent entity of the company.
Moreover, Oaktree Capital has also given the underwriters an option to purchase up to an additional 7,125,000 shares, valid for 30 days. These shares are also being offered at the public offering price. Goldman Sachs, JP Morgan, Guggenheim Securities and Morgan Stanley are among the lead underwriters for this transaction. The trading of these shares will begin on the Nasdaq Global Market on October 15, 2020 and it is expected to close on October 19, 2020.
Founded in 1989, Array Technologies is a leading manufacturer of solar ground-mounting systems used in solar energy projects. Since its inception it has been exclusively focused on designing and manufacturing solar tracking equipment. The company is headquartered in Albuquerque, New Mexico and has offices in Europe, Central America, and Australia. It has since then supplied more than 22 GW of solar tracking equipment to commercial and utility-scale solar projects around the globe.