Shoals Technologies Group, a leading US provider of electrical balance-of-system products for solar projects, raised the proposed deal size for its upcoming IPO on Monday.
The Portland, TN-based company now plans to raise $1.6 billion by offering 70 million shares (87% secondary) at a price range of $22 to $23. The company had previously filed to offer 50 million shares (79% secondary) at a range of $19 to $21. At the midpoint of the revised range, Shoals Technologies Group will raise 58% more in proceeds than previously anticipated.
The company's electrical balance of system (EBOS) solutions encompass all of the components that are necessary to carry the electric current produced by solar panels to an inverter and ultimately to the power grid, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, and splice boxes. Shoals primarily sells complete EBOS systems that include several of its products.
Shoals Technologies Group was founded in 1996 and booked $175 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol SHLS. Goldman Sachs, J.P. Morgan, Guggenheim Securities, UBS Investment Bank, Morgan Stanley, Barclays and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of January 25, 2021.
