Shares of Flex (NASDAQ:FLEX) drops in pre session as fortune magazine named the company one of the World’s Most Admired Companies in the Electronics category.
Flex CEO Revathi Advaithi stated, “Thank you to our 170,000 team members around the world whose focused efforts, resiliency, and strong execution earned Flex the esteemed honor of being named a world’s most admired company. “By exemplifying and strengthening our values-driven culture, we continue to deliver value to all of our stakeholders and bring our purpose to life – creating great products for our customers that add value and improve people’s lives.”
THE FUTURE The World’s Most Admired Companies study polls top executives and directors from eligible companies, as well as financial analysts, to identify the companies with the best reputations within and across industries. Each company in their respective industry is evaluated on nine criteria, including ability to attract and retain talented people, management quality, social responsibility to the community and the environment, innovativeness, product or service quality, prudent use of corporate assets, financial soundness, long-term investment value, and global business effectiveness. To be named a Fortune World’s Most Admired Company, a company’s score must be in the top half of its industry survey.
Nextracker Raises $638M in an Expanded U.S. IPO
Nextracker raised $638 million in its initial public offering in the United States, pricing it slightly higher than its indicated target range, parent company Flex Ltd said in a statement on Wednesday, adding that the number of shares sold was increased.
According to the statement, Nextracker sold 26.6 million shares of its Class A common stock at $24 per share, giving the Fremont, California-based company a valuation of more than $3.5 billion. This is at the high end of their previously stated range of $20 to $23 per share.
The decision to increase the deal size comes at a difficult time for the U.S. IPO market, which has ground to a halt due to increased volatility in a rising interest rate environment.
Nextracker is set to debut on the Nasdaq Global Select Market on February 9 under the ticker symbol “NXT,” and the offering is set to close on February 13, according to Flex, a Singapore-based manufacturing solutions provider.
Nextracker also stated that it has granted the underwriters an option to purchase up to an additional 4 million shares. The offering’s joint lead underwriters were J.P. Morgan, BofA Securities, Citigroup, and Barclays.