Oaktree-Backed Shoals Tops IPO Goals to Raise $1.9 billion (1)

Solar-power components maker Shoals Technologies Group Inc. and a selling shareholder raised $1.9 billion in an upsized initial public offering, pricing the shares above a marketed range.

The Portland, Tennessee-based company, along with an entity controlled by Oaktree Capital Management, sold 77 million shares for $25 each on Tuesday, according to a statement. Shoals had marketed 70 million shares for $22 to $23 apiece earlier.

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 ...