Wall Street may be opening its doors back up to initial public offerings from Bay Area tech companies.
Fremont-based Nextracker Inc. is expected to price its IPO this week and begin trading on Friday. The offering would be the first major one by a local tech company in more than a year. And it would be a big one at that.
The company, which offers hardware and software that helps large-scale solar energy installations track the sun, expects to raise as much as $610 million in its IPO. It plans to sell 23 million shares for between $20 and $23 a piece and has reserved another $3.5 million shares for its underwriters.
A subsidiary of Flex Ltd. (Nasdaq: FLEX), which will retain its majority stake after the IPO, Nextracker plans to list its shares on the Nasdaq under the symbol NXT.
If all goes according to plan, its offering will be the first by a Bay Area-based tech company to raise over $50 million since Credo Technology Inc. (Nasdaq: CRDO), a San Jose-based provider of networking chips, cables and ports, raised $200 million in January last year. Nextracker's IPO would be the largest for a Bay Area company since HashiCorp Inc. (Nasdaq: HCP), a San Francisco-based provider of software for managing cloud computing services, raised $1.2 billion in December 2021.
The solar business's offering comes a week after Structure Therapeutics Inc. on Friday raised $161 million. That IPO was the first major one by a Bay Area life science company since Menlo Park-based An2 Therapeutics Inc. (Nasdaq: ANTX) went public last March. In their first day of trading, shares of South San Francisco-based Structure Therapeutics (Nasdaq: GPCR) jumped 73%. In midday trading Monday, though, they were down nearly 5%.
Here's more Bay Area venture and startup news from the start of a new week.
Funding
- Magic AI Inc. (dba Magic.dev), San Francisco, $23 million: CapitalG, the growth venture unit of Alphabet Inc., led the Series A round for this provider of artificial intelligence-powered software that helps developers find, analyze and reuse their old code. Former GitHub Inc. CEO Nat Friedman, Color Genomics co-founder Elad Gil and Amplify Partners also invested.
- Simple HealthKit Inc., Fremont, $8 million: Initialized Capital led the Series A round for this provider of at-home medical lab testing services. Kleiner Perkins, Kapor Capital and Quest Venture Partners also participated.
Funders in the news
- Kapor Capital is raising up to $50 million for an opportunity fund. The Oakland venture firm disclosed the fundraising in a regulatory filing.
