On Oct. 7, Array Technologies revealed the terms for its IPO in an SEC filing. The company plans to raise $675 million in the offering. How can investors buy into the Array Technologies stock IPO?
When is Array Technologies' IPO date?
Array Technologies' IPO date hasn't been set yet. The company plans to sell 33.75 million shares in the IPO priced at $19–$21 per share. If Array stock prices at the midpoint of that range, the company would have a valuation of $2.5 billion. Array is offering about 7 million shares, and the remaining 26.75 million shares are being sold by a selling stockholder. Array Technologies stock will be listed on Nasdaq under the ticker symbol “ARRY.”
The listed underwriters for the IPO are JPMorgan Chase, Guggenheim Securities, Goldman Sachs, Morgan Stanley, UBS Investment Bank, Credit Suisse, Barclays, Cowen, Oppenheimer, MUFG, and Nomura. Array Technologies has granted underwriters a 30-day option to buy an additional 5.1 million shares at the IPO price.
Where to buy the Array Technologies stock IPO
To buy Array Technologies stock when it lands on the Nasdaq, investors can open a stock trading account with online brokers such as Robinhood, SoFi Invest, Charles Schwab, TD Ameritrade, E*Trade, and Webull.
How to buy the Array Technologies stock IPO on Robinhood
To buy Array Technologies stock on Robinhood, investors will need to have an active Robinhood brokerage account. After you've funded your Robinhood brokerage account, you can place a "buy" order.
Should I buy the Array Technologies stock IPO?
Array Technologies was founded in 1989 by Ron Corio. The company manufactures ground mounting systems for solar energy projects. It is headquartered in the U.S., with offices in Australia, Central America, and Europe.
The Array Technologies stock IPO looks like a strong buy based on the company's growth outlook. The global market for solar trackers, valued at $9.3 billion in 2019, is set to reach $22 billion in value by 2027, according to a 2020 research report by Fortune Business Insights.
Array Technologies’ revenue rose 122.8 percent year-over-year to $647.9 million in 2019. The company reported a net profit of $39.7 million in 2019, compared with a net loss of $60.8 million in 2018. Array’s net revenue rose 145.2 percent in the first six months of 2020 to $552.6 million. The company reported a net income of $76.1 million in the first six months of 2020, compared with a net loss of $5.2 million in the same period last year.