MasterCraft plans $85 million IPO

MasterCraft, a sportboat manufacturer restructured by Wayzata Partners, announced terms for its initial public offering on Tuesday.
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MasterCraft Boat Company, a sportboat manufacturer restructured by Wayzata Partners, announced terms for its initial public offering on Tuesday.

The Vonore, Tenn.-based company plans to raise $85 million by offering 6.1 million shares at a price range of $13 to $15.

At the midpoint of the proposed range, MasterCraft would command a fully diluted market value of $266 million and an enterprise value of $271 million, according to Renaissance Capital IPO Center.

Malibu Boats, the leading manufacturer of performance sportboats, went public in January of 2014. Malibu trades more than 40 percent above its offer price, but is off 10 percent in the past month.

MasterCraft, which was founded in 1968 and booked $211 million in sales for the 12 months that ended March 31, plans to list on the Nasdaq Stock Market under the symbol MCFT.

Baird, Raymond James and Wells Fargo Securities are the joint bookrunners on the deal.

It is expected to price next week.

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