Phoenix-Based Pool Supply Retailer Goes Public

Phoenix AZ

29 October, 2020

6:30 PM

Description

PHOENIX — A Phoenix-based pool supplier launched its IPO Thursday and is now a publicly-traded company. Leslie's Inc. priced its initial public offering of 40 million shares at $17 per share, but ended the day with a price of approximately $21.70, according to Yahoo! Finance. "Leslie's expects to receive net proceeds of approximately $465 million, after deducting underwriting discounts and commissions and offering expenses," the company said in a Wednesday news release ahead of the launch. "Leslie's intends to use the net proceeds of this offering to repay in full the entire outstanding amount of its senior unsecured floating rate notes." That debt of $390 million is due in 2024. The rest of the funds will go towards "general corporate purposes," according to the statement. The pool and spa supply retailer began trading on NASDAQ under the ticker "LESL." Founded in 1963, Leslie's is the largest direct-to-consumer pool and spa retail brand in the country. The headquarters are based at 20th Street and Indian School in Phoenix. The company boasts 934 stores in 37 states, including 91 in Arizona.