OneWater Marine, a recreational boat dealership that owns and operates 63 stores in the US, announced terms for its IPO on Monday.
The Buford, GA-based company plans to raise $60 million by offering 4.6 million shares at a price range of $12 to $14. Insiders The Beekman Group, CEO Austin Singleton, LMI Holding, and new investor Regal Marine intend to purchase $6 million worth of shares in the offering (10% of the deal). At the midpoint of the proposed range, OneWater Marine would command a market value of $180 million.
The company originally filed for an IPO in July 2019 and planned to raise $60 million by offering 3.2 million shares at a price range of $18 to $20, with insider indications of $13 million (22% of the deal). The company postponed in October 2019, but revived its IPO plans earlier this month.
OneWater Marine was founded in 2014 and booked $768 million in sales for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol ONEW. Raymond James, Baird, and SunTrust Robinson Humphrey are the joint bookrunners on the deal. It is expected to price during the week of February 3, 2020.
