Loudon boat maker Malibu Boats sets IPO price
AP-Malibu Boats, the Loudon, Tenn.-based maker of water sports towboats, is the latest area company to go public.
The boat maker has set its IPO price at $14 per share and is scheduled to start trading today on the Nasdaq market under the symbol MBUU.
The company is looking to raise more than $100 million.
With the economy gaining strength and consumer confidence improving, Malibuís timing looks good.
After toughing out the Great Recession, Malibu has seen its earnings rise in recent years as it has rolled out a number of new products. Malibuís wakeboarding Surf Gate technology received its second patent last September.
Raymond James and Wells Fargo Securities are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey and BMO Capital Markets are acting as co-managers.