Oaktree-backed solar company Array Technologies has raised $1.05 billion in the US after the firm sold shares above its IPO price band, Bloomberg reported.
The provider of solar-tracking solutions for utility-scale projects sold 7 million shares for $22 each above its original price band of $19-21. Oaktree Capital Group owned ATI Investment Parent LLC sold 40.5 million shares. ATI will own most of the company’s stock after the listing.
According to Bloomberg, Array Technologies has a market value of about $2.8 billion.
The company reported a profit of $76 million on revenue of $553 million for the six months ended June 30.
The offering is being led by Goldman Sachs, JPMorgan Chase, Guggenheim Securities and Morgan Stanley are the book-running managers to the issue. The shares are expected to begin trading on October 15 on the Nasdaq Global Market under the symbol ARRY.
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