AMMO, which manufactures ammunition products for the sporting and other industries, announced terms for its IPO on Thursday.
The Scottsdale, AZ-based company plans to raise $15 million by offering 7.1 million shares at $2.10, below that last close of its shares on the OTCQB (POWW). At the midpoint of the proposed range, AMMO would command a market value of $121 million.
The company designs, produces, and markets ammunition and ammunition component products for sport and recreational shooters, hunters, and law enforcement and military agencies, among others. AMMO uses predominantly American-made components and raw materials, and it operates facilities in Payson, Arizona and Manitowoc, Wisconsin. Through its acquisition of Jagemann Stamping's ammunition casing manufacturing and sales operations, the company is now able to sell ammunition casings products of various types.
AMMO was founded in 2016 and booked $29 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol POWW. Alexander Capital is the sole bookrunner on the deal.
