Benzinga | Jan 27, 2021 05:47AM EST

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.