Array Technologies Inc. and its largest shareholder has raised $1.05 billion after increasing the size of the issue offered by the company and pricing it above the market range.The solar firm provides solar-tracking solutions for utility-scale projects.
On Wednesday, the firm sold 7 million shares for $22 per share, after marketing them for $19 to $21 each, according to a statement. Oaktree Capital Group LLC through its entity, ATI Investment Parent LLC has sold 40.5 million shares.
Array Technologies has increased the share size for sale from 33.75 million shares on Tuesday. The company has a market value of $2.8 billion based on its outstanding shares listed in the filings with the U.S. Securities and Exchange Commission. Now, according to the filing most of the Array Technologies’ shares are owned by ATI Investment.
According to the filing, the solar firm had a profit of $76 million on revenue of $553 million for the first half ended on 30 June, 2020.
Goldman Sachs Group Inc., JPMorgan Chase & Co., Guggenheim Securities and Morgan Stanley led the offering and the shares are expected to trade on The Nasdaq Global Market under the symbol ARRY on Thursday.