Solar power equipment maker Array raises $1 billion in IPO

U.S. solar power equipment company Array Technologies sold shares in its initial public offering (IPO) on Wednesday at $22 apiece, above its target range, to raise $1.05 billion.

The IPO values Array, which is backed by U.S. private equity firm Oaktree Capital, at $2.8 billion. The company also had $749.2 million in debt as of the end of June.

Array’s IPO was upsized to 47.5 million shares. The company had aimed to sell 45 million shares for between $19 and $21 per share.

Source: reuters