Profit-making pool and spa care company Leslie’s sets IPO terms, could be valued at roughly $3 billion

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Leslie’s Inc. set terms Thursday of its initial public offering, in which the pool and spa care company could raise up to $480 million and be valued at up to $3 billion. The company said it is offering 30.0 million shares in the IPO, which is expected to price between $14 and $16 a share, while selling shareholders are offering 10.0 million shares. The company expects there will be 186.61 million shares outstanding after the IPO, with the expected pricing valuing the company at up to $2.99 billion. The stock is expected to list on the Nasdaq exchange under the ticker symbol “LESL.” Goldman Sachs, Morgan Stanley and BofA Securities are the joint bookrunners. For the nine months ended June 27, the company recorded net income of $16.5 million on sales of $730.9 million, after a net loss of $78,000 on revenue of $630.0 million in the same period a year ago. The company is looking to go public at a time of strong relative investor demand for IPOs, as the Renaissance IPO ETF has rallied 25.1% over the past three months, while the S&P 500 has gained 5.0%.
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