Leslie's, a leading US provider of pool supplies and services with over 930 retail locations, announced terms for its IPO on Thursday.
The Phoenix, AZ-based company plans to raise $600 million by offering 40 million shares (25% insider) at a price range of $14 to $16. New investor BlackRock intends to purchase $100 million worth of shares in the offering. At the midpoint of the proposed range, Leslie's would command a market value of $2.8 billion.
Leslie's is the largest direct-to-consumer brand in the US pool and spa care industry. The company serves residential, professional, and commercial consumers.
Leslie's was founded in 1963 and booked $1.0 billion in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol LESL. Goldman Sachs, Morgan Stanley, BofA Securities, Jefferies, and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.
