Hayward Holdings, Inc. (Hayward), a designer, manufacturer, and marketer of pool equipment and associated automation systems, has launched its initial public offering (IPO) with hopes to raise $725 million.
The IPO includes 40,277,778 shares of its common stock, with 22,200,000 shares being offered by Hayward and 18,077,778 shares being offered by existing stockholders. The initial public offering price is currently estimated to be between $17 and $19 (US) per share. In addition, the existing stockholders are expected to approve a 30-day option to purchase up to an additional 6,041,666 shares of common stock at the IPO.
The company has applied to list its common stock on the New York Stock Exchange under the ticker symbol ‘HAYW.’
According to a company press release, Hayward intends to use the net proceeds it receives from the offering to repay outstanding indebtedness under its senior secured credit facilities, and will not receive any proceeds from the sale of shares of common stock by the existing stockholders.
