Massimo Group, which manufactures and distributes powersports vehicles and motor boats, announced terms for its IPO on Monday.
The Garland, TX-based company plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Massimo Group would command a market value of $186 million. The IPO float is just 3.1% of basic shares outstanding.
Massimo Group manufactures, imports, and distributes a portfolio of products across two main lines: motor sports, which consists of utility terrain vehicles, all-terrain vehicles, motorcycles, scooters, golf carts, and a juvenile line from go karts to balance bikes; and motor boats, which consists of pontoon and tritoon boats. The company's distribution network includes over 600 motor vehicle and 5,500 marine third-party service providers across the US.
Massimo Group was founded in 2009 and booked $100 million in sales for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol MAMO. Roth Capital and Craft Capital Management are the joint bookrunners on the deal.
