(Reuters) - Pool supplies retailer Leslie’s Inc filed for a U.S. initial public offering on Wednesday, looking to take advantage of a renewed interest in new listings as capital markets rebound from coronavirus-induced lows.
Private equity firm L Catterton-backed Leslie’s set a placeholder amount of $100 million and did not disclose the size of its offering.
The listing comes amid a surge in demand for backyard pools. Across the United States and Europe, manufacturers and distributors of swimming pools and hot tubs are scrambling to meet a wave of demand as consumers cocoon at home to escape the COVID-19 pandemic.
In July, Rival Pool Corp POOL.O reported record net sales in the second quarter.
Reuters in August reported that L Catterton was preparing an IPO of Leslie’s that could value it at more than $3 billion.
L Catterton led a buyout group that bought Phoenix, Arizona-based Leslie’s in 2017.
Leslie’s has over 900 stores, and its products include above-ground pools, saunas and pool chemicals.
The company intends to list common stock on Nasdaq under the symbol "LESL", according to a filing. (bit.ly/2GB4gFp)
Goldman Sachs, Morgan Stanley and BofA securities are the underwriters for Leslie’s offering.
Reporting by Abhishek Manikandan in Bengaluru; Editing by Shinjini Ganguli
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