On February 8, 2023, Flex Ltd. announced that its subsidiary, Nextracker Inc., priced its upsized initial public offering of 26,600,000 shares of its Class A common stock at an initial public offering price of $24 per share. The common stock began trading on the Nasdaq Global Select Market under the ticker symbol "NXT" on February 9, 2023 and the offering is expected to close on February 13, 2023, subject to customary closing conditions. In addition, Nextracker granted the underwriters a 30-day option to purchase up to an additional 3,990,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions, which the underwriters exercised on February 9, 2023. Wilson Sonsini Goodrich & Rosati is representing the underwriters in the transaction.
J.P. Morgan, BofA Securities, Citigroup, and Barclays are acting as joint lead book-running managers for the offering. Truist Securities, HSBC, BNP PARIBAS, Mizuho, Scotiabank, and KeyBanc Capital Markets are acting as joint book-running managers for the offering. SMBC Nikko, BTIG, UniCredit, Roth Capital Partners, and Craig-Hallum are acting as co-managers for the offering. PJT Partners is serving as independent financial advisor to Flex Ltd. in the offering.
The Wilson Sonsini team advising the underwriters includes:
Corporate
Robert Day
Melissa Rick
Elisa Sielski
Matt Maricic
Employee Benefits and Compensation
Michael Montfort
Jaqueline Tokuda
Energy and Climate Solutions
Scott Zimmermann
Litigation
Tarek Helou
Stephen Cheng
National Security
Stephen Heifetz
Privacy and Cybersecurity
Matthew Staples
Regulatory
Anne Seymour
Jonathan Davey
For more information, please see Flex’s press release.