Sportsman's Warehouse Holdings, Inc. announced that it plans to sell 12.5 million shares in its initial public offering at a projected price range of $11.00 to $13.00. At the midpoint of the price range, the offering will raise $150 million and set the company's full diluted market value at $510 million.
The initial filing on Feb. 10 did not indicate how many shares would be sold or the projected price range.
Sportsman's is offering 8,333,333 of the shares to be sold in the offering, and affiliates of Seidler Equity Partners III, L.P. selling an additional 4,166,667 shares. In addition, the underwriters have an option, within 30-days after the date of the final prospectus relating to this offering, to purchase up to an additional 468,750 shares from Sportsman's and an additional 1,406,250 shares from Seidler. Sportsman's intends to list its common stock on The NASDAQ Global Select Market under the symbol “SPWH.”
Sportsman's intends to use all of the net proceeds to it from this offering to repay amounts outstanding under its term loans. While the company has historically focused on hunting and fishing, it has pushed into the outdoor activewear category and expanded its assortments to include broader assortsments from Camelbak, Keen, Kelty, Marmot, Merrell, Mountainsmith, Sanuk, Teva and Timberland.
Credit Suisse and Goldman, Sachs & Co. are acting as joint book-running managers and the representatives of the underwriters. Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C., Piper Jaffray & Co., Wells Fargo Securities and D.A. Davidson & Co. are acting as co-managers.
