OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater”) announced the pricing of an initial public offering of its Class A common stock.
“Today is a significant milestone for OneWater as we embark on the next chapter of our business as a publicly traded company. Since our inception in October 2014, OneWater has experienced tremendous growth, and we couldn’t have achieved that without the contributions and hard work from all our dedicated team members and partners." OneWater Marine CEO Austin Singleton said following the launch. "Our success has been rooted in the resilient and entrepreneurial nature of our organization, as well as our ability to drive growth and enhance operational efficiency. These attributes will continue to carry us forward as a market leader as we enter the public markets.”
Renaissance Capital reported OneWater raised $55 million by offering 4.6 million shares at $12, the low end of the range of $12 to $14, to command a market value of $166 million. The company relaunched its IPO last month after postponing in October 2019.
The shares began trading on the NASDAQ Global Market on Feb. 7, 2020 under the ticker symbol “ONEW.” In addition, OneWater granted the underwriters a 30-day option to purchase up to an additional 692,308 shares of OneWater’s Class A common stock at the initial public offering price, less underwriting discounts and commissions.
The offering is expected to close on February 11, 2020, subject to customary closing conditions.
OneWater intends to contribute the net proceeds to its subsidiary, One Water Marine Holdings, LLC (“OneWater LLC”) in exchange for limited liability company units in OneWater LLC. OneWater LLC intends to use such net proceeds, together with cash on hand and borrowings under its credit facility, to redeem all outstanding preferred units in One Water Assets & Operations, LLC held by certain affiliates of Goldman Sachs & Co. LLC and The Beekman Group.