Solar Company Array Technologies Raises $1 Billion from its IPO

Solar power equipment manufacturer Array Technologies conducted its initial public offering on October 14 raising $1.05 billion from it. Once the company goes public it will be trading under the ticker symbol ARRY in NASDAQ.

The U.S based company priced its shares at $22 per share in the IPO selling 47.5 million shares hence fetching the $1.5 billion. Initially the company had announced it will sell its shares in the range of $19 to $21 per share intending to sell 45 million in the IPO.

Array enjoys the backing of U.S private equity firm Oaktree Capital which has invested $2.8 billion in the company.

According to filling made with the regulators, Oaktree Capital and founder of Array Ron Corio will own 73% stake of the company’s total outstanding shares after the IPO.

The company is on a move to shift from fossil fuels to sustainable sources of energy such as solar and wind.

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