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Solar power equipment maker Array raises $1 billion in IPO

·1 min read

Oct 14 (Reuters) - U.S. solar power equipment company Array Technologies sold shares in its initial public offering (IPO) on Wednesday at $22 apiece, above its target range, to raise $1.05 billion.

The IPO values Array, which is backed by U.S. private equity firm Oaktree Capital, at $2.8 billion. The company also had $749.2 million in debt as of the end of June.

Array's IPO was upsized to 47.5 million shares. The company had aimed to sell 45 million shares for between $19 and $21 per share. (Reporting by Chibuike Oguh in New York)