Shoals Technologies’ $1.9 Billion Initial Public Offering

Shoals Technologies' $1.9 Billion Initial Public Offering

Kirkland & Ellis represented Shoals Technologies and the parent entity of Shoals (controlled by Oaktree Capital) in the transaction.

Shoals Technologies (NASDAQ: SHLS) closed its upsized IPO. The IPO raised more than $1.9 billion in proceeds.

The offering consisted of 11.55 million shares of Class A common stock issued and sold by Shoals, which included an additional 2.55 million shares of Shoals’ Class A common stock following the exercise in full of the underwriters’ option to purchase additional shares of its Class A common stock from the Company and 77 million shares of Class A common stock sold by a parent entity of Shoals, which included an additional 7.125 million shares of Shoals’ Class A common stock following the exercise in full of the underwriters’ option to purchase additional shares of its Class A common stock from Oaktree. In both cases, the Class A shares were sold an an initial public offering price of $25 per share. Shoals did not receive any of the proceeds from the sale of Class A shares offered by Oaktree. The Class A shares began trading on the Nasdaq Global Market under the symbol “SHLS” on January 27, 2021, and the closing of the IPO was announced on January 29, 2021.

Goldman Sachs & Co. LLC and J.P. Morgan acted as joint book-running managers and representatives of the underwriters for the offering. Guggenheim Securities and UBS Investment Bank acted as joint book-running managers and Morgan Stanley, Barclays and Credit Suisse acted as book-runners. Cowen and Oppenheimer & Co. Inc. acted as co-managers.

Shoals Technologies (NASDAQ: SHLS) is a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle charging infrastructure.

The Kirkland team was led by capital markets partners Joshua Korff (Picture), Michael Kim, Christine Strumpen-Darrie and Aslam Rawoof and associates Gena Olan Panter, Emily Joung, Radina T. Angelova, Kaangrok Yoo and Maria Geigel, transactional partners Tana Ryan and Jennifer Yapp and associates Peter Liskanich and Tammy Adereti, tax partners Mike Beinus and Devin Heckman and associate Grant Michael Newman, executive compensation partner Stephen Jacobson and associates John Kleinjan and Tom Kotlowski, debt finance partner Brian Ford and associates Paul Kang, Jr. and Shelby Lindholm, environmental transactions partners Alexandra N. Farmer and Jennie Morawetz and associate Donna H. Ni, energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg, technology & IP transactions partner Min Wang and associate Seth J. Pritchard, investment funds associate Tim Nolan, international trade associates Carrie Schroll and Erika Krum, labor and employment partner R.D. Kohut, and litigation partner William T. Pruitt.

Involved fees earner: Radina Angelova – Kirkland & Ellis; Brooksany Barrowes – Kirkland & Ellis; Michael Beinus – Kirkland & Ellis; Alexandra Farmer – Kirkland & Ellis; Brian Ford – Kirkland & Ellis; Maria Geigel – Kirkland & Ellis; Devin Heckman – Kirkland & Ellis; Stephen Jacobson – Kirkland & Ellis; Emily Joung – Kirkland & Ellis; Paul Kang – Kirkland & Ellis; Michael Kim – Kirkland & Ellis; John Kleinjan – Kirkland & Ellis; R.D. Kohut – Kirkland & Ellis; Joshua Korff – Kirkland & Ellis; Shelby Lindholm – Kirkland & Ellis; Peter Liskanich – Kirkland & Ellis; Jennie Morawetz – Kirkland & Ellis; Grant Michael Newman – Kirkland & Ellis; Donna Ni – Kirkland & Ellis; Timothy Nolan – Kirkland & Ellis; Gena Olan Panter – Kirkland & Ellis; Seth Pritchard – Kirkland & Ellis; William Pruitt – Kirkland & Ellis; Aslam Rawoof – Kirkland & Ellis; Tana Ryan – Kirkland & Ellis; Carolyn Schroll – Kirkland & Ellis; Christine Strumpen-Darrie – Kirkland & Ellis; Drew Stuyvenberg – Kirkland & Ellis; Min Wang – Kirkland & Ellis; Jennifer Yapp – Kirkland & Ellis; Kaangrok Yoo – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Oaktree Capital Management; Shoals Technologies Group, Inc.;

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Author: Ambrogio Visconti