US balance-of-system player Shoals Technologies raises $2 billion in IPO


From pv magazine USA

Shoals Technologies Group marked its Wall Street premiere by raising more than $2.2 billion in the solar company’s initial public offering (IPO).

Shoals said its balance-of-systems (BOS) systems are deployed on more than 20 GW of solar projects globally.

The Tennessee-based firm and its parent entity first intended to offer 50 million shares of Class A common stock priced between $19.00 and $21.00 per share. Shoals later upsized the IPO to 77 million shares at $25.00 each.

The stock began trading on the Nasdaq Global Market under the symbol “SHLS” on January 27. According to reports, shares climbed to above $30.00 and raised about $1.9 billion by the time the market closed.

“Shoals is excited to become a Nasdaq-listed company,” President and CEO Jason Whitaker told pv magazine USA. “This is a key milestone for our company as we execute on our mission to deliver innovative products that reduce the cost and improve the reliability and safety of renewable energy.”

Shoals announced the completion of the upsized IPO on January 29, noting the company and its parent entity ultimately sold more than 88.5 million shares.

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Shoals itself sold more than 11.5 million shares totaling almost $289 million. That included an additional 2.5 million shares following the exercise in full of the underwriters’ option to purchase more.

Meanwhile, a parent entity controlled by funds managed by Oaktree Capital Management LP sold 77 million shares, including an additional 9 million to underwriters. That totaled almost $1.93 billion.

All told, the IPO raised more than $2.21 billion for Shoals and the Oaktree-managed parent entity.

The company’s IPO is among the most successful in the solar industry, joining that of tracker builder Array Technologies last year.

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

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