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Friday, 10/16/2020 1:45:08 PM

Friday, October 16, 2020 1:45:08 PM

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>>> Array Technologies (ARRY) stock surges in public debut, as solar company is valued at $2.8 billion at IPO price


MarketWatch

Oct. 15, 2020

By Tomi Kilgore


https://www.marketwatch.com/story/array-technologies-stock-surges-in-public-debut-as-solar-company-is-valued-at-28-billion-at-ipo-price-2020-10-15?siteid=yhoof2&yptr=yahoo


Shares of Array Technologies Inc. ARRY, 7.26% charged out of the gate, as the first trade was 34% above where the upsized initial public offering priced. A total of 47.5 million shares were sold in the IPO, as the New Mexico-based maker of ground-mounting systems used in solar energy projects sold 7 million shares to raise $154 million and a selling shareholder sold 40.5 million shares. The IPO priced at $22, above the top of the expected range of $19 to $21. With about 127.0 million shares outstanding, the IPO pricing valued the company at about $2.79 billion. The selling shareholder, a parent entity of the company controlled by Oaktree Capital, has increased the amount it planned to sell a number of times, starting at 26.75 million shares on Oct. 7, to 38.00 million shares on Oct. 13 and to 40.50 million shares late Wednesday. For the six months ended June 30, the company recorded net income of $76.1 million on revenue of $552.6 million, after a net loss of $5.2 million on revenue of $255.4 million in the same period a year ago. Goldman Sachs, J.P. Morgan, Guggenheim Securities and Morgan Stanley were the lead underwriters. The company went public at a time of good demand for IPOs, as the Renaissance IPO ETF IPO, 0.61% has rallied 28.7% over the past three months while the S&P 500 SPX, 0.55% has gained 7.3%.

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>>> Array Technologies, Inc. (ARRY) provides solar tracking solutions and services for utility-scale projects. Its products include DuraTrack HZ v3, a single-axis solar tracking system; and SmarTrack, a machine learning software that automatically adjusts module angles in response to weather and site conditions. The company was founded in 1989 and is based in Albuquerque, New Mexico with additional offices in Europe, Central America, and Australia. <<<










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