Solar technology company Nextracker is expected to price at the upper end of the range, which is a good sign for the IPO market

Solar technology company Nextracker is expected to price its initial public offering at the high end of its range of $20 to $23 per share, people with knowledge of the process told CNBC.

Fremont, Calif.-based Nextracker’s order book is “full”, meaning demand will allow the company to meet or even exceed price expectations, the sources said. refused to be identified when talking about the process.

The development is a good sign for the moribund IPO market. Proceeds from public quotations fell 94% last year after the Federal Reserve launched its most aggressive rate hike campaign in decades. Investors have been depreciating on shares of unprofitable tech companies in particular, many of which are still underwater after listing in 2020 and 2021.

Nextracker’s IPO, which aimed to raise up to $535 million, is arguably the first significant public listing this year, as it is expected to be the largest U.S. IPO since the driving company autonomous. mobileye raised $990 million in October.

Nextracker is about to start trading on the Nasdaq exchange Thursday morning, according to one of the people.

The company, which was a subsidiary of the manufacturer Flexsells hardware and software that allows solar panels to track the movement of the sun, improving the efficiency of solar power plants.

JPMorgan Chase was the lead adviser on the transaction, according to a regulatory filing.

This story is developing. Please check for updates.