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

The order book for Fremont, California-based Nextracker is "well subscribed," meaning demand will allow the company to meet or even exceed expectations on pricing, according to the sources, who declined to be identified speaking about the process.

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

The Nextracker IPO, which had sought to raise up to $535 million, is arguably the first meaningful public listing this year as it is set to be the biggest U.S. IPO since autonomous driving firm Mobileye raised $990 million in October.

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

The company, which was a subsidiary of manufacturer Flex, sells hardware and software that enables solar panels to follow the movement of the sun, improving the output of solar power plants.

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

This story is developing. Please check back for updates.