Massimo Group files for IPO, plans to raise $25 million
Massimo Group, which manufactures and distributes powersports vehicles and recreational boats, filed recently with the SEC to raise up to $25 million in an initial public offering.
Massimo Group manufactures, imports, and distributes a portfolio of products across two main lines: motorsports, which consists of UTVs, ATVs, motorcycles, scooters, golf carts, and a youth line from go-karts to balance bikes; and recreational boats, which consists of pontoon and tritoon boats. The company’s distribution network includes more than 600 powersports and 5,500 marine third-party service providers across the U.S.
The Garland, Te-based company was founded in 2009 and, according to its Nasdaq filings, booked $100 million in sales for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol MAMO. Roth Capital and Craft Capital Management are the joint bookrunners on the deal. No pricing terms were disclosed.
“Our emphasis on providing the sports enthusiast with powerful, affordable, and reliable products has enabled us to grow annual revenues and net income to in excess of $86 million and $4 million, respectively, in the twelve months ended December 31, 2022 (Fiscal 2022), and in excess of $75 million and $6 million, respectively, in the nine months ended September 30, 2023, since entering the industry in 2009,” the company says in it’s Nasdaq filing.
No dates were given as to when the IPO will begin.
Sources: Renaisance Capital, Investing.com
