Vision Marine Technologies, a Canadian manufacturer of electric powerboats and outboard powertrain systems, raised the proposed deal size for its upcoming IPO on Friday.
The Quebec, Canada-based company now plans to raise $20 million by offering 2.2 million shares at a price range of $8 to $10. The company had previously filed to offer 1.7 million shares at the same range. At the revised deal size, Vision Marine Technologies will raise 33% more in proceeds than previously anticipated.
The company generates most of its revenue from sales of its electric powerboats. It currently offers four models and is preparing to launch a fifth. It manufactured 46 powerboats in the last fiscal year and expects to manufacture approximately 150 powerboats in the 12 months following the closing of the offering. It has yet to commercialize its electric powertrains, though it has letters of intent from original equipment manufacturers indicating interest in purchasing 186 powertrains for the first 12 months following introduction.
Vision Marine Technologies was founded in 2012 and booked $2 million in revenue for the 12 months ended February 29, 2020. It plans to list on the Nasdaq under the symbol VMAR. ThinkEquity is the sole bookrunner on the deal.
