Benzinga | Apr 28, 2021 05:59AM EDT

FTC Solar Raises $258M From IPO Priced At $13 Per Share

* FTC Solar, Inc (NASDAQ: FTCI) priced 19.84 million shares at $13 per share to raise $257.92 million in its initial public offering (IPO).

* The shares are expected to begin trading under the symbol "FTCI" on the Nasdaq today.

* The underwriters have a 30-day option to purchase additional shares up to 2.98 million.

* FTC will utilize the offering proceeds for general corporate purposes and share buyback from certain employees, officers, directors, and other stockholders.

* Barclays, BofA Securities, Credit Suisse, and UBS Investment Bank are the joint book-running managers and representatives of the underwriters for the offering.