Massimo Group, which manufactures and distributes powersports vehicles and motor boats, raised $5.9 million by offering 1.3 million shares at $4.5, within the range of $4.00 to $5.00. The company opened for trading at $3.60, 20% below the offer price.
The Garland, TX-based company manufactures, imports, and distributes a portfolio of products across two main lines: motor sports (87% of 9mo23 revenue), 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 (13%), 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 listed on the Nasdaq under the symbol MAMO. Craft Capital Management acted as bookrunner on the deal, with R.F. Lafferty as co-underwriter.
