FTC Solar open for buying and selling on Wednesday – Barron’s

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FTC solar

will make its market debut later Wednesday after the store has expanded and the price lowered.

Late Tuesday, FTC Solar raised $ 258 million after selling 19.84 million shares at $ 13 each. The Austin, Texas-based manufacturer of solar power systems had planned to offer 18.42 million shares at $ 18-20 each. It is planned to trade on the Nasdaq under the ticker FTCI.


BofA Securities,

Swiss credit,

and UBS Investment Bank are underwriters of the deal.

At $ 13 per share, FTC will have a valuation of nearly $ 1.1 billion.

FTC Solar is the newest solar panels manufacturer to enter the public equity markets.

Array technologies

(Ticker: ARRY) went public in October, with stocks rising 65% on the first day.

FTC Solar was founded in 2017 and offers advanced solar tracker systems sold under the brand name Voyager. Trackers move solar panels throughout the day to ensure they are optimally aimed at the sun. Voyager offers single-axis trackers with two control panels in portrait orientation for approximately 140 customers. It competes against Array and NEXTracker, a unit of

To bend


FTC is not profitable. The company's losses rose from $ 13.5 million in 2019 to $ 15.9 million in 2020, according to a prospectus. Total sales more than tripled to around $ 187.4 million in 2020. The company employed 178 full-time employees.

Aveanna Healthcare Holdings

was also scheduled to start trading on Wednesday, but its debut is now scheduled for Thursday, said a person familiar with the situation. The delay came after Aveanna cut its price range from $ 16 to $ 18 to $ 12 to $ 13 on Wednesday, a prospectus said. The company is offering 38,236,000 shares. Aveanna is said to be traded on the Nasdaq under the symbol AVAH. Barclays and JP Morgan are underwriting the deal.

Aveanna provides home health care to patients in need of complex medical care, including newborns, children, adults, and the elderly.

Write to Luisa Beltran at luisa.beltran@dowjones.com


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