Shoals Technologies announces IPO


From pv magazine USA

Shoals Technologies Group is planning an initial public offering of 50 million shares of its Class A common stock.

The Tennessee-based company, whose balance-of-systems (BOS) solutions are deployed on more than 20 GW of solar energy systems globally, has launched a presentation roadshow for potential investors.

In an announcement, Shoals Technologies explained that it will be offering 10.5 million shares, while a parent entity controlled by funds managed by Oaktree Capital Management LP will offer 39.5 million of the shares. The parent entity also intends to grant the underwriters a 30-day option to purchase up to  7.5 million additional shares.

According to Shoals, the IPO price is expected to be between $19.00 and $21.00 per share. The company intends to list its Class A common stock on the Nasdaq Global Market under the symbol “SHLS.”

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Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. Guggenheim Securities and UBS Investment Bank are also serving as joint book-running managers, and Morgan Stanley, Barclays, and Credit Suisse are acting as book-runners. Cowen and Oppenheimer & Co. Inc. are acting as co-managers.

In an interview with pv magazine in late 2020, Shoals Founder and CEO Dean Solon highlighted the company’s achievements and the solar industry’s strong performance. “The short version is that it’s been a damned good year,” he said.

Shoals Technologies joins a growing list of solar product providers going public, including the IPO of tracker builder Array Technologies last year. The full Shoals Technologies IPO announcement is available here.

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