(Bloomberg) -- Solar power equipment maker Nextracker Inc. raised $638 million in an initial public offering, exceeding its target for the first major US listing of 2023.

Nextracker sold 26.6 million shares for $24 apiece in the upsized listing, according to a statement Wednesday. It had earlier marketed about 23 million shares for $20 to $23.

At the IPO price, Nextracker has a market value of more than $3.5 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

The share sale is the largest on a US exchange since October, when self-driving technology company Mobileye Global Inc. raised $990 million including so-called greenshoe shares. It comes on the same day that Hesai Group, a Shanghai-based driverless technology company, was seeking to raise as much as $171 million in a Nasdaq IPO.

Two other companies on Thursday are set to raise more than $100 million in New York listings. Enlight Renewable Energy Ltd. is looking to raise as much as $293 million, while Mineralys Therapeutics Inc. is seeking $160 million.

Other companies with pending listings include Johnson & Johnson’s consumer health business Kenvue Inc., which filed last month for an IPO, and Vietnam based electric-vehicle maker VinFast Auto Ltd., which submitted its filing in December.

Nextracker, based in Fremont, California, designs and develops integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects. The company had revenue has grown for three consecutive years to $1.5 billion, with net income of $51 million in its most recent fiscal year.

Nextracker’s parent company Flex Ltd. will continue to control the company, according to its filings. Investment management firm TPG is among Nextracker’s backers. 

The offering was led by JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Barclays Plc. The shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol NXT.

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