IPOs

Canadian micro-cap Vision Marine sets terms for $15 million US IPO

Vision Marine Technologies, a Canadian manufacturer of electric powerboats and outboard powertrain systems, announced terms for its IPO on Tuesday.

The Quebec, Canada-based company plans to raise $15 million by offering 1.7 million shares at a price range of $8 to $10. At the midpoint of the proposed range, Vision Marine Technologies would command a fully diluted market value of $65 million.

The company generates most of its revenue from sales of its electric powerboats. It currently offers four models and is preparing to launch a fifth. It manufactured 46 powerboats in the last fiscal year and expects to manufacture approximately 150 powerboats in the 12 months following the closing of the offering. It has yet to commercialize its electric powertrains, though it has letters of intent from original equipment manufacturers indicating interest in purchasing 186 powertrains for the first 12 months following introduction.

Vision Marine Technologies was founded in 2012 and booked $2 million in revenue for the 12 months ended February 29, 2020. It plans to list on the Nasdaq under the symbol VMAR. ThinkEquity is the sole bookrunner on the deal.

The article Canadian micro-cap Vision Marine sets terms for $15 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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