OneWater Marine, a recreational marine retail platform that owns and operates 60 stores in the US, announced terms for its IPO on Tuesday. In its latest filing, the company also added SunTrust Robinson Humphrey and B. Riley FBR as underwriters.
The Buford, GA-based company plans to raise $60 million by offering 3.2 million shares at a price range of $18 to $20. Existing shareholders The Beekman Group, CEO Austin Singleton, and LMI Holding intend to purchase $10 million worth of shares in the offering. At the midpoint of the proposed range, OneWater Marine would command a market value of $181 million.
OneWater Marine was founded in 2014 and booked $719 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol ONEW. Goldman Sachs and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of October 21, 2019.
