Balance of systems supplier Shoals sets terms for IPO

Facebook
Twitter
LinkedIn
Reddit
Email
The Copper Mountain solar project in Nevada features BOS products from Shoals. Image: Sempra US Gas & Power.

Shoals Technologies Group, an electrical balance of systems (BOS) solutions provider for solar and storage projects, has announced the launch of its Initial Public Offering (IPO).

Tennessee-based Shoals will issue 50 million shares of its Class A common stock, of which 10.5 million are offered by the company and 39.5 million by a parent entity of the firm controlled by funds managed by Oaktree Capital Management. The underwriters will be granted a 30-day option to buy as many as an additional 7.5 million shares.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The IPO price is expected to be priced between US$19 and US$20 per share. Shoals intends to list its common stock on the Nasdaq Global Market under the ticker SHLS.

The company said it will use net proceeds from the offering to purchase equity interests from its operating subsidiary and certain existing stockholders and for “general corporate purposes to support the growth of the business”.

Goldman Sachs and JP Morgan are joint bookrunning managers and representatives of the underwriters for the offering. Guggenheim Securities and UBS Investment Bank are joint bookrunning managers, while Morgan Stanley, Barclays and Credit Suisse are bookrunners.

BOS components that Shoals provides include cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures and splice boxes. Its products are mainly sold to engineering, procurement and construction firms that build solar projects.

In its investment prospectus, Shoals said: “We believe that approximately 54% of the solar energy generation capacity installed in the US during the 12-month period ended September 30 2020 used at least one of our electrical BOS products.”

The company derives most of its revenues from selling ‘system solutions’, which are complete BOS systems that include several products. In 2019, 97% of the company’s revenues were from customers in the US, while 3% was from the rest of the world.

The prospectus also details the company’s estimated financial results for 2020, in which it saw revenues rise 21% year-on-year to between approximately US$174 million to US$176 million. Net income is expected to be up 32%, ranging from US$32 million to US$34.5 million.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 8, 2025
US solar module prices jumped in Q3 2025 as developers scrambled to meet the 2 September 2025 safe harbour deadline for Investment Tax Credit (ITC) qualification, according to supply chain platform Anza.
October 8, 2025
Despite policy headwinds on the federal level, there is optimism for the future of the US solar and storage sector.
October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).
October 7, 2025
OpenSolar has secured US$13.1 million in equity financing from technology investors, including Titanium Ventures, Google and others.
October 7, 2025
Doral Renewables has secured a PPA with an unnamed 'corporate buyer' for its 430MW Cold Creek solar-plus-storage project in Texas.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK