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When is Array Technologies IPO Date?


Oct. 12 2020, Updated 2:21 p.m. ET

An S-1 registration statement said that Array Technologies has filed to raise $675 million in an IPO of its common stock, according to BusinessWire. Array plans to sell 33.75 million shares at the price point of $19-$21.

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What is Array Technologies?

Array Technologies, based in Albuquerque, NM, develops and manufactures ground-mounting systems for large scale solar energy products. Its website states that since its founding in 1989, it has “supplied more than 22 gigawatts to commercial and utility-scale solar projects around the globe.” 

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Source: iStock
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The company is majority owned by Oaktree Capital. CEO Jim Fusaro joined Array in June 2018, after previous executive experience at Amkor Technology, Honeywell Aerospace, and Honeywell Performance Materials and Technologies. 

Primary company offerings are: DuraTrack HZ v3, a hardware system; and SmarTrack, a machine learning module. Competitors in the solar technology market include NEXTracker, PV Hardware, Artech Solar, UNIRAC, and RBI Solar, notes SeekingAlpha

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Array’s technology uses machine learning and algorithms to increase solar plant production by adjusting a solar array's panel angles in response to weather and site conditions.   

Solar power is the fastest growing form of electricity in the U.S., despite a drop-off in installations in 2020 due to the COVID-19 pandemic. Jobs in solar have more than doubles since 2012 according to the Solar Energy Industries Association (SEIA).

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Array’s customers include engineering and construction companies. Large development firms and independent power producers building solar projects also purchase systems from Array.

When is Array Technologies going public?

According to the company's S-1 filing, Array had revenue of $647.9 million for FY 2019, more than doubling its 2018 revenue of $290.8 million. By comparison, the first half of 2020 brought the company revenue to $552.6 million. 

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The expected IPO pricing date for Array Technologies is Oct. 14, 2020. Array will be the “first and largest solar tracking company available to the public markets,” notes PV Magazine

Public financing will enable the company to pay down some of its debt and separate from its parent firm, explained SeekingAlpha. Some of its underwriters include Goldman Sachs, J.P. Morgan, Credit Suisse, and Barclays, among others. 

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What is Array Technologies stock IPO price?

Array intends to have gross proceeds of $675 million from an IPO of its common stock. The company would sell 7 million shares, along with the major shareholder selling 26.75 million shares.

“Assuming a successful IPO, the company’s enterprise value at IPO would approximate $2.5 billion, excluding the effects of underwriter over-allotment options,” stated SeekingAlpha.

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A 2020 research report from Fortune Business Insights estimated the global market for solar trackers to be $9.3 billion in 2019. By 2027, this is expected to go above $22 billion.

Array Technologies ticker symbol

Array Technologies will trade under the NASDAQ symbol ARRY when it goes public. 


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