Software and solar tech companies are in play this week. Qualtrics International (XM proposed), an experience management software provider owned by SAP, and Shoals Technologies Group (SHLS proposed), an Oaktree Capital-backed maker of components for ground-mounted solar energy projects, are the ones to watch. The IPO pros are circling these two deals as the best of the week on an IPO Calendar with 18 names on tap, including 10 SPACs. Bankers expect to raise about $7.9 billion.
Both Qualtrics and Shoals upsized their IPOs in SEC filings early today:
*Qualtrics enlarged its IPO by 19.5 percent early today by increasing both the number of shares – to 50.4 million, up from 49.2 million initially – and the price range – to $27 to $29, up from $22 to $26 – to raise an estimated $1.41 billion, up from $1.18 billion. (Source: S-1/A filing dated Jan. 25, 2021).
*Shoals Technologies increased its IPO by 57.5 percent early today by increasing both the number of shares – to 70.0 million, up from 50.0 million initially – and the price range – to $22 to $23, up from $19 to $21 – to raise an estimated $1.58 billion, up from $1.0 billion. (Source: S-1/A filing dated Jan. 25, 2021)
Qualtrics is a SaaS provider that says it pioneered the category of experience management software. This type of software is designed to close the experience gap by improving the experience that customers, employees and prospects have with a company and its brands. (SaaS is an acronym for software-as-a-service.) Qualtrics is expected to price its IPO on Wednesday night for Thursday trading.
Shoals Technologies Group makes electrical balance of systems (EBOS) components for ground-mounted solar energy projects. The company is also developing products for electric vehicle (EV) charging infrastructure. Both the solar energy and the EV industries are expected to flourish under the new Biden administration, the IPO pros say. BlackRock and ClearBridge Investments have indicated interest in buying stock in the IPO, according to the prospectus. Shoals Technologies Group is expected to price its IPO on Tuesday night for Wednesday trading.
For an overview of the IPOs scheduled for pricing so far this week, please click on the link to IPO Calendar: IPO Calendar | IPOScoop
(For more information about these companies, please click the hyperlinks, which will take you to the IPO profiles on IPOScoop.com.)
(Never trade on proposed symbols. You might wind up owning something on the OTC Bulletin Board.)
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