US solar power equipment maker Array Technologies sold shares in its initial public offering (IPO) on Wednesday at $22 apiece, above its target range, raising $1.05 billion.
The offering of 47.5 million shares values Array, which is backed by US private equity firm Oaktree Capital, at $2.8 billion. It had aimed to sell 45 million shares at $19 to $21 per share.
Array, founded in 1989, went public as global energy consumption is shifting away from fossil fuels to sustainable sources such as solar and wind. The Albuquerque, New Mexico-based company produces steel supports, electric motors and controllers, gear boxes and other solar energy equipment.
