Twin Vee PowerCats, which makes recreational and commercial power catamaran boats, announced terms for its IPO on Wednesday.
The Fort Pierce, FL-based company plans to raise $15 million by offering 2.8 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Twin Vee PowerCats would command a market value of $37 million. Because its market cap is less than $50 million, Twin Vee no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.
Twin Vee PowerCats is a designer, manufacturer, and marketer of recreational and commercial power catamaran boats. The company currently has over 12 models in production, which it primarily sells through a network of 10 independent boat dealers in 14 locations across North America and the Caribbean. The company's backlog is currently over 100 boats, and orders currently being placed are being scheduled for delivery through 2021 and into the 3Q22.
Twin Vee PowerCats was founded in 2009 and booked $12 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol VEEE. ThinkEquity is the sole bookrunner on the deal.
