Shoals Technologies Prices Upsized IPO At $1.9 Billion, Oaktree Offloads Stake

Shoals Technologies Group, Inc. (NASDAQ: SHLS) has priced 77 million shares for $25 per share in an upsized initial public offering (IPO), as the market continues to remain hot.
Shoals upsized its offering from the earlier planned 50 million shares at a price range of $19 to $21.
The shares are estimated to begin trading on the Nasdaq on January 27, 2021, under the symbol "SHLS."
The IPO comprises 9 million shares sold by Shoals and an additional 68 million shares offered by selling stakeholder Oaktree Capital Management.
Shoals has granted the underwriters a 30-day option to purchase up to 11.55 million additional shares, of which 2.55 million is offered by Shoals and the remaining 9 million by the selling stockholder.
The share sale will close on January 29, 2021, subject to closing conditions, and Shoals will not receive proceeds from the sale of shares by the selling stockholder.
Goldman Sachs and J.P. Morgan are the joint book-running managers and representatives of the underwriters.
Guggenheim Securities and UBS Investment Bank are also the joint book-running managers with Morgan Stanley, Barclays, and Credit Suisse as book-runners. Cowen and Oppenheimer are the co-managers for the offering.

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