OneWater Marine today announced the pricing of an initial public offering of 4,615,385 shares of its Class A common stock at $12.00 per share. The shares began trading on the NASDAQ Global Market today under the ticker symbol “ONEW.”
According to Renaissance Capital, the company raised $55 million for a market value of $166 million. OneWater, which owns 63 boat dealerships and marinas, relaunched its IPO last month after postponing it in October, 2019.
OneWater also granted its underwriters a 30-day option to purchase up to an additional 692,308 shares of 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, according to a statement.
OneWater intends to contribute the net proceeds to its subsidiary, One Water Marine Holdings, 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,” said the statement.
“Today is a significant milestone for OneWater as we embark on the next chapter of our business as a publicly traded company,” said Austin Singleton, CEO, OneWater Marine, in a note to editors. “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. 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.”