Latham Group Inc.
SWIM,
is all set to go public Friday, as the New York-based in-ground residential swimming pools seller's initial public offering priced overnight, valuing the company at about $2.29 billion. The company sold 20 million shares in the IPO to raise $380 million. The IPO priced at $19 a share, at the low end of the expected range of between $19 and $20 a share. The stock is expected to begin trading on the Nasdaq under the ticker symbol "SWIM." Barclays, BofA Securities, Morgan Stanley and Goldman Sachs were the joint book-running managers. The company recorded net income of $16.0 million on revenue of $142.8 million in 2020, after income of $7.5 million on revenue of $98.2 million in 2019. Latham is going public at a time that the Renaissance IPO ETF
IPO,
+1.63%
has dropped 11.1% over the past three months while the S&P 500
SPX,
+0.97%
has gained 7.6%.