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(Reuters) – U.S. swimming pool supplies retailer Leslie’s Inc (O:LESL) on Wednesday priced its initial public offering (IPO) at $17 a share, above its target range, to sell $680 million in stock, according to people familiar with the matter.
Leslie’s, which is backed by private equity firm L Catterton and Singaporean sovereign wealth fund GIC, aimed to sell 40 million shares between $14 and $16 apiece.
The IPO values Phoenix, Arizona-based Leslie’s at $3.17 billion.
The sources requested anonymity as the pricing was not yet public. A representative for Leslie’s declined to comment.
The IPO comes amid a surge in demand for backyard pools as consumers living under lockdown look for more at-home leisure activities.
Rival Pool Corp (O:POOL) earlier this month reported record net sales for the third quarter and has seen its share price surge around 70% so far this year, far outpacing the U.S. benchmark S&P 500 stock index (SPX).
L Catterton led a buyout group for Phoenix, Arizona-based Leslie’s in 2017. Leslie’s has over 900 store locations and its products include above-ground pools, saunas and pool chemicals.
Leslie’s shares are due to begin trading on Nasdaq on Thursday under the symbol “LESL.”
Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and BofA Securities are the lead underwriters for Leslie’s IPO.
