Array Technologies, a New Mexico-based maker of solar tracking systems, launched onto the Nasdaq Global Market on Thursday, capping one of the biggest U.S. renewable energy IPOs of recent years.
In listing its shares publicly, Array is riding two trends: growing demand for equipment that allows solar projects to squeeze out more power and strong demand for clean energy stocks ahead of November’s presidential election.
Even with an upsized IPO pricing shares at $22, Array surged after hitting the market under ticker symbol ARRY. The shares soared more than 65 percent by Thursday afternoon, to above $36, giving the company a market capitalization of more than $4.6 billion.
Array itself sold 7 million shares of common stock in the IPO, raising $154 million — more than previously expected. Oaktree Capital, the investment manager that bought a majority stake in 2016, sold another 40.5 million shares.
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