Array Technologies (ARRY) IPO Opens 34% Higher

Today's IPO for Array Technologies, Inc. (NASDAQ: ARRY) opened for trading at $29.50 upsized initial public offering of 47,500,000 shares of its common stock at a price to the public of $22.00 per share.

In addition, the Selling Stockholder granted the underwriters a 30-day option to purchase up to an additional 7,125,000 shares at the public offering price, less underwriting discounts and commissions.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. Guggenheim Securities and Morgan Stanley are also acting as joint book-running managers and Credit Suisse, Barclays and UBS Investment Bank are acting as book-runners. Cowen, Oppenheimer & Co. Inc., MUFG and Nomura are acting as co-managers.

Array Technologies is one of the world’s largest manufacturers of ground-mounting systems used in solar energy projects. The Company’s principal product is an integrated system of steel supports, electric motors, gearboxes, electronic controllers and software, commonly referred to as a single-axis “tracker.” Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production. Solar energy projects that use trackers generate up to 25% more energy and deliver a lower levelized cost of energy than projects that use conventional “fixed tilt” mounting systems. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia.

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