Solar company Array Technologies Inc. raised $1.05 on Wednesday in its initial public offering (IPO), according to Benzinga. Array’s stock made its trading debut on the NASDAQ on Thursday under ticker symbol “ARRY.” The company’s IPO will formally close on Monday.
- Array is offloading 47.5 million stocks in IPO, including 40.5 million shares from its parent company, and issue the remaining 7 million shares.
- Company underwriters to purchase 7.125 million shares in a greenshoe option within 30 days of IPO closing
- Array would not receive any funds from the sale of 40.5 million shares by the parent company.
- Array raised IPO size twice after it earlier intended to sell 33.75 million shares at $19 and $21 price range.
- Array has an enterprise valuation close to $2.8 billion-Reuters
Array stock gained strongly on IPO’s first day. ARRY: NASDAQ closed up 40%