Business
Nextracker Announces Full Exercise of Underwriters' Option to Purchase Additional Shares in Upsized Initial Public Offering
SAN JOSE, Calif., Feb. 9, 2023 /PRNewswire/ -- Flex Ltd. (NASDAQ: FLEX) announced today that in connection with its previously announced upsized initial
About this update from Flex Ltd.
[{"type":"text","content":"SAN JOSE, Calif., Feb. 9, 2023 /PRNewswire/ -- Flex Ltd. (NASDAQ: FLEX) announced today that in connection with its previously announced upsized initial public offering of its subsidiary, Nextracker Inc. (\"Nextracker\") of 26,600,000 shares of its Class A common stock (the \"Common Stock\"), the underwriters have exercised in full their option to purchase 3,990,000 additional shares of Common Stock at the public offering price of $24.00 per share less underwriting discounts and commissions.\nThe net proceeds from the offering to Nextracker, after deducting the underwriting discounts and commissions and including proceeds from the underwriters' exercise of the overallotment option, are expected to be approximately $693.8 million. The net proceeds from this offering will be used to purchase 30,590,000 LLC Common Units from a subsidiary of Nextracker's parent company, Flex Ltd.\nJ.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.\nThe offering will be made only by means of a prospectus. Copies of the prospectus, when available, may be obtained from: the U.S. Securities and Exchange Commission (the \"SEC\") at www.sec.gov; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at [email protected]; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, by email at [email protected]; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146; and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847, or by email at [email protected].\nA registration statement relating to these securities has been filed with, and declared effective by, the SEC on February 8, 2023. This press rel...