Solo Brands Inc., the parent of Solo Stove, Chubbies, Oru Kayak, and Isle paddleboard brands, raised $219.4 million in its initial public offering (IPO) and saw a strong debut on its first day of trading.
The company, based in Southlake, TX, sold 12.9 million shares of stock at a price to the public of $17.00 per share, the high end of its projected price range between $14 and $17 a share.
In its first day of trading, the stock’s first trade was at $22.36 before settling to close at $17.61 on the day.
Proceeds are expected to be used to purchase or redeem outstanding equity interests from its pre-IPO owners and for general corporate purposes.
Solo Brands has granted the underwriters a 30-day option to purchase up to an additional 1.94 million shares at the IPO offering price, less underwriting discounts and commissions.
The shares trade on the New York Stock Exchange under the ticker symbol “DTC.” BofA Securities, J.P. Morgan and Jefferies are serving as joint book-running managers for the proposed offering.
