Shoals Technologies Group, a leading US provider of electrical balance-of-system products for solar projects, raised $1.9 billion by offering 77 million shares (88% secondary) at $25, above the upwardly revised range of $22 to $23. The selling shareholder offered 7 million more shares than anticipated. The company originally planned to offer 50 million shares (79% secondary) at a range of $19 to $21 before raising the deal size on Monday.
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 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 acted as lead managers on the deal.
