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Solar-based energy solutions provider SolarJuice slashes share offering by 58% ahead of $19 million US IPO

February 8, 2024

SolarJuice, a provider of solar energy equipment and services being spun out of SPI Energy, lowered the proposed deal size for its upcoming IPO on Thursday. In its latest filing, the company also replaced bookrunner Freedom Capital Markets with Roth Capital.

The Sydney, Australia-based company now plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. The company had previously filed to offer 9 million shares at the same range. At the midpoint, SolarJuice will raise 58% less in proceeds than previously anticipated.

SolarJuice provides solar photovoltaic (PV) based energy solutions for residential and small commercial building markets in Australia and the US. The company wholesales and distributes PV modules, solar energy inverters, batteries and storage devices, other solar balance of system components, and accessories to commercial customers located in every state and territory of Australia. The company is also a roofing contractor, and resells and installs solar energy systems to residential and commercial customers in five states in the US. It also designs, manufactures, and sells PV modules and related products to customers.

SolarJuice was founded in 2017 and booked $180 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol SJA. Maxim Group LLC and Roth Capital are the joint bookrunners on the deal.