US-headquartered Array Technologies has raised more than $1 billion in its initial public offering (IPO). Albuquerque-based Array Technologies started trading on the Nasdaq Global Market on October 15. The company sold 47.5 million shares at $22 per share for a total IPO of more than $1 billion, according to a release. It previously planned to raise much less at $675 million.

Array Technologies sold 7 million shares as part of the IPO. ATI Investment Parent, an entity controlled by Oaktree Capital, sold about 40.5 million shares in the offering. ATI will own most of Array’s stock after the IPO, according to SEC filings.

Moreover, Oaktree Capital has also given the underwriters an option to purchase up to an additional 7,125,000 shares, valid for 30 days. Goldman Sachs, JP Morgan, Guggenheim Securities and Morgan Stanley were among the lead underwriters for this transaction. According to Reuters, Array is valued at $2.8 billion after the IPO.

Founded in 1989, Array Technologies is a leading manufacturer of solar ground-mounting systems used in solar energy projects. Since its inception it has been exclusively focused on designing and manufacturing solar tracking equipment. It produces steel supports, electric motors and controllers, gear boxes and other solar energy equipment.

The company is headquartered in Albuquerque, New Mexico and has offices in Europe, Central America, and Australia. It has since then supplied more than 22 GW of solar tracking equipment to commercial and utility-scale solar projects around the globe. More than 85 per cent of Array’s revenue last year came from customers in the US. The company now plans to use the funds to follow its larger customers to other markets around the globe, expanding its presence in the process.

REGlobal’sViews: Solar trackers is a fast-growing market, projected to reach over $22 billion by 2027. Array is a fast growing player in this space and the funding will not just help it follow its existing clients in the US to other markets but also acquire newer customers in these new markets.