MasterCraft CEO Terry McNew rang the closing bell on the Nasdaq on Friday, celebrating the Tennessee-based boatbuilder’s initial public offering.
The Master Craft Boat Holdings Co., which began trading under the symbol MCFT at $15 a share, is hoping to raise about $85 million by offering 6.1 million shares, according to the Knoxville News Sentinel.
About 3.6 million shares had traded by late afternoon. The stock closed at $15.92 a share after reaching a high of $16.14.
Founded in 1968, MasterCraft entered restructuring in 2009 with Wayzata Investment Partners.
Sales for the 12-month period that ended in March topped $200 million.
McNew told the newspaper that the company’s growth strategy will be to continue to develop new and innovative products in core markets, including the entry-level segment of the powersports boat market.
An example is the NXT Model 20 and Model 22 boats, which are aimed at younger buyers.
Continual operational improvements and manufacturing efficiencies will boost margins even further. Other goals will be to expand the dealer network and international sales, he said.
According to Zacks Investment Research, MasterCraft could be poised for continuing success as the U.S economy continues to gain strength, consumers have more money to spend and gas prices remain relatively low.
Competitor Malibu Boats, based in nearby Loudon, went public in January 2014 at a price of about $17.30 a share.
Since early this year, the market for IPOs has been getting a little tougher, according to Renaissance Capital.
The research firm recently reported that average IPO returns have “fallen significantly.”