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The solar technology company Nextracker is expected to price its initial public offering at the high end of its stated $20 to $23 per share range, people with knowledge of the process told CNBC.
The order book for Fremont, California-based Nextracker is “well subscribed,” meaning demand will allow the company to meet or even exceed expectations on pricing, according to the sources, in a good sign for the moribund IPO market.
The Nextracker IPO, which had sought to raise up to $535 million, will likely be the biggest U.S. listing since October, when autonomous driving firm Mobileye raised $990 million. The market for newly issued companies plunged 94% last year after the Federal Reserve began its most aggressive rate-increasing campaign in decades.
Nextracker is set to begin trading on the Nasdaq exchange Thursday morning, according to one of the people, who declined to be identified speaking about the process.
This story is developing. Please check back for updates.