Nextracker Tops Goal to Get $638 Million in Biggest 2023 US IPO

Solar power equipment maker Nextracker Inc. raised $638 million in an initial public offering, exceeding its target for the first major US listing of 2023.

Nextracker sold 26.6 million shares for $24 apiece in the upsized listing, according to a statement Wednesday. It had earlier marketed about 23 million shares for $20 to $23.

At the IPO price, Nextracker has a market value of more than $3.5 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

The share sale is the largest on a US exchange since October, when self-driving technology company ...