Inground pool designer and manufacturer Latham Group Inc. (Latham) has officially announced the launch of its proposed initial public offering (IPO).
Latham is offering 20 million shares of its common stock with an expected IPO price between $19 and $21 per share. Latham intends to list its common stock on The Nasdaq Global Select Market under the ticker symbol ‘SWIM.’ According to a news release, there is no concrete timeline for when it will hit the market.
Latham intends to use the proceeds from the offering to repay some of its indebtedness under
certain credit facilities, including its term and revolving credit facility indebtedness, to acquire shares of common stock from its principal stockholders and a current employee who is not an executive officer or director of Latham, and to pay fees and expenses in connection with the offering.
Latham also intends to grant the underwriters a 30-day option to purchase up to 3,000,000 additional shares of common stock. If the underwriters exercise their option to purchase additional shares, Latham intends to use those net proceeds to acquire shares of common stock from its principal stockholders and a current employee who is not an executive officer or director of Latham.