MasterCraft closes its initial public offering

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Master Craft Boat Holdings Co., based in Vonore, Tenn., has closed its initial public offering of more than 6 million shares.

IPO underwriters Baird, Raymond James and Wells Fargo Securities will exercise their option to buy an additional 910,714 shares of common stock from certain selling stockholders, according to the Knoxville News Sentinel.

Master Craft stock closed at $15.65 a share on Tuesday after the company's announcement.

The company plans to use the proceeds of the sale to pay down debt.

More than 4.3 million shares were traded on the opening day, and the stock hit a high of $16.14 a share.

Founded in 1968, MasterCraft was near bankruptcy in 2009 before a restructuring organized by Wayzata Investment Partners, a private equity firm that specializes in purchasing distressed companies.

An infusion of new management in 2012, led by McNew, and a focus on entry-level boats and manufacturing efficiencies grew net sales from $137.3 million in 2012 to $177.6 million in 2014. Sales for the 12-month period that ended in March topped $200 million.

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