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made its market debut with a gain of nearly 9.7% after increasing the size of its initial public offering and slashing its price.
FTC Solar stock (ticker: FTCI) opened Wednesday at $15.21, hit a high of $15.46, and closed at $14.26, up $1.26 from its offer price.
Late Tuesday, FTC Solar ended up raising $258 million after selling 19.84 million shares at $13 each. The Austin, Texas-based solar-power equipment maker had planned to offer 18.42 million shares at $18 to $20 each.
BofA Securities,
and UBS Investment Bank are underwriters on the deal.
At $14.26 a share, FTC Solar has a $1.7 billion valuation.
FTC Solar is the latest solar equipment maker to tap the public equities markets.
(ticker: ARRY) went public in October, with shares rising 65% during its first day.
Formed in 2017, FTC Solar provides advanced solar-tracker systems marketed under the Voyager brand name. Trackers move solar panels throughout the day to make sure they are optimally oriented to the sun. Voyager provides two-panel in-portrait single-axis trackers for about 140 customers. It competes against Array and NEXTracker, a unit of
(FLEX).
FTC isn’t profitable. Losses for the company widened to $15.9 million in 2020 from $13.5 million in 2019, a prospectus said. Total revenue more than tripled to about $187.4 million in 2020. It had 178 full-time employees.
was also scheduled to open for trading Wednesday but its debut is now slated for Thursday, a person familiar with the situation said. The delay came after Aveanna slashed its price range Wednesday to $12 to $13 from $16 to $18, a prospectus said. The company is offering 38,236,000 shares. Aveanna is slated to trade on the Nasdaq under the symbol AVAH. Barclays and J.P. Morgan are underwriters on the deal.
Aveanna provides in-home healthcare to patients requiring complex medical care, including newborns, children, adults, and seniors.
Write to Luisa Beltran at luisa.beltran@dowjones.com
