FTC Solar Inc.
FTCI,
priced its upsized initial public offering on Wednesday at $13 a share, well below its proposed price range of $18 to $20. The company, which makes solar tracker systems, offer 19.8 million shares, up from an earlier plan to offer 18.4 million. The stock will start trading on Nasdaq later Wednesday, under the ticker symbol 'FTCI.' There were nine banks underwriting the deal, led by Barclays, BofA Securities, Credit Suisse and UBS Investment Bank. Proceeds will be used for general corporate purposes, including the purchase of shares from certain employees, officers, directors and other shareholders. "Trackers significantly increase the amount of solar energy produced at a solar installation by moving solar panels throughout the day to maintain an optimal orientation relative to the sun," the company says in its filing documents.