MasterCraft, a sport boat manufacturer restructured by Wayzata Partners, announced terms for its IPO on Tuesday.
The Vonore, TN-based company plans to raise $85 million by offering 6.1 million shares at a price range of $13 to $15. At the midpoint of the proposed range, MasterCraft would command a fully diluted market value of $266 million and an enterprise value of $271 million.
Malibu Boats (MBUU), the leading manufacturer of performance sport boats, went public in January 2014. Malibu trades over 40% above its offer price, but is off 10% in the past month.
MasterCraft, which was founded in 1968 and booked $211 million in sales for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol MCFT. Baird, Raymond James and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2015.
