Oaktree-Backed Shoals Jumps 24% After $1.9 Billion IPO
Solar-power components maker Shoals Technologies Group Inc. climbed 24% in its trading debut after its initial public offering topped expectations to raise $1.9 billion.
Shares of the Portland, Tennessee-based company opened at $31.30 Wednesday after selling for $25 each in the IPO. The shares, which rose as much as 40% during the day, closed at $30.98 in New York trading.
Shoals, along with an entity controlled by investment firm Oaktree Capital Management, sold 77 million shares Tuesday, after marketing 70 million shares for $22 to $23.
The company is the latest in a string of clean-tech companies going public through IPOs or mergers with special purpose acquisition companies, also known as SPACs or blank-check companies. While electric-vehicle companies including Nikola Corp. and Fisker Inc. have garnered the most attention, the deals have included solar companies, too.
SunPower Corp. spun off manufacturer Maxeon Solar Technologies Ltd. in August. Another Oaktree-backed company, solar-tracking solutions provider Array Technologies Inc., raised $1.2 billion including so-called greenshoe shares in an IPO in October. Read More…
