What’s Going on with Leslie's Inc?
Leslie's Inc. (LESL) revealed plans yesterday, June 7, to go ahead with an underwritten secondary offering of the company’s shares. In the proposed offering, 24.5 million shares will initially be offered. As of 10:10 this morning, LESL stock was trading down by 7.14% at $29.02 a share.
What Does This Mean for LESL?
Leslie’s Inc, based out of Phoenix, Arizona, is the biggest direct-to-consumer brand pool and spa care brand in the United States, with over 900 physical locations across the country. Selling Stockholders of Leslie’s Inc. expect to offer 24,500,000 shares of the firm’s common stock. Furthermore, the Selling Stockholders will also offer underwriters a 30-day option to acquire up to a further 3,675,000 shares of common stock.
According to the company's press release, the Selling Stockholders will “receive all of the proceeds from the Offering. Leslie’s is not offering any shares of its common stock ... and will not receive any proceeds from the Offering, including from any exercise by the underwriters of their option to purchase additional shares.”
The joint-lead book-running managers — and the underwriters’ representatives as well — will be Goldman Sachs & Co. LLC, Morgan Stanley, and BofA Securities. Jefferies and Nomura will also act as bookrunners for this proposed offering with Baird, Guggenheim Securities, Piper Sandler, William Blair, Stifel, Telsey Advisory Group, Loop Capital Markets, Ramirez & Co., Inc. and AmeriVet Securities acting as co-managers.
LESL has an Overall Score of 47. Find out what this means to you and get the rest of the rankings on LESL!
Leslies Inc is a direct-to-consumer pool and spa care brand offering a comprehensive assortment of products across chemicals, equipment and parts, cleaning and maintenance equipment, and safety, recreational, and fitness related products. The company offers its products and services for Residential Pool, Residential Spa, Professional Pool, and Commercial Pool consumers. Geographically, it operates only in the United States.
