Twin Vee PowerCats, which makes recreational and commercial power catamaran boats, raised $18 million by offering 3 million shares at $6, the high end of the range of $5 to $6. The company offered 0.2 million more shares than anticipated. At pricing, the company commands a market value of $42 million. Because its market cap at IPO is less than $50 million, Twin Vee 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 plans to list on the Nasdaq under the symbol VEEE. ThinkEquity acted as sole bookrunner on the deal.
