Solar technology provider Nextracker (NXT), a spinout of diversified manufacturer Flex Ltd. (NASDAQ:FLEX), has filed for a $100M initial public offering.

Nextracker didn’t specify in its filing the number or price of the shares to be offered, but indicated in its filing fee schedule that it was looking to raise $100M, a figure that is likely a placeholder and subject to change.

The solar energy technology provider said that Flex will likely hold a controlling interest in its common stock after the transaction. TPG (TPG) is also a major investor.

The company hopes to list its shares on Nasdaq under the symbol NXT. Bookrunners include JP Morgan, BofA Securities, Citigroup, HSBC, Barclays, BNP Paribas, Truist Securities, Mizuho, Scotia Bank, KeyBanc Capital Markets, SMBC Nikko, BTIG, UniCredit and Roth Capital Partners.

Based in Fremont, Calif., Nextracker’s technology optimizes solar power plant performance by enabling solar panels to track the sun across the sky. The company is profitable, reporting a net income of $51M on revenue of $1.5B for the fiscal year ended March 31, 2022.

For more on Flex and Nextracker, check out Keith Williams’ “Flex Ltd.: Behind the Scenes Renewables Manufacturer.”