Off The Hook YS Raises $15 Million in NYSE American IPO to Expand Marine Wholesale Operations
TL;DR
Off The Hook YS raised $15 million in its IPO, providing capital to expand market presence and gain competitive advantage in yacht wholesaling.
Off The Hook YS completed its IPO of 3.75 million shares at $4 each, with proceeds allocated to servicing floorplan, marketing, debt repayment, and working capital.
Off The Hook YS's IPO funding will enhance industry transparency and efficiency through technology, improving the yacht buying experience for customers.
Off The Hook YS, a premier yacht wholesaler with $90 million in annual sales, successfully launched its IPO using AI tools to revolutionize boat transactions.
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Off The Hook YS Inc. has successfully closed its initial public offering, raising $15 million through the sale of 3.75 million shares at $4.00 per share on the NYSE American exchange under the ticker symbol OTH. The marine industry wholesaler granted underwriters a 45-day option to purchase up to 562,500 additional shares, potentially increasing the total offering size. ThinkEquity served as the sole book-running manager for the offering, which represents a significant capital infusion for the growing company.
The company plans to allocate the net proceeds toward several strategic initiatives, including servicing its floorplan financing, expanding advertising and marketing efforts for inventory, repaying a promissory note, and bolstering working capital. This financial backing comes at a crucial time for Off The Hook YS, which has established itself as a premier yacht and boat wholesaler specializing in the buying and selling of marine vessels. The company's approach combines advanced technology with proprietary AI-assisted valuation tools and a data-driven sales platform designed to bring greater transparency and efficiency to yacht transactions.
Over the past decade, Off The Hook YS has demonstrated remarkable growth, generating over $90 million in annual boat and yacht sales while operating across eight locations with a team of more than 35 sales representatives. The company transacts on more than 400 vessels each year, earning recognition as one of the 500 fastest-growing companies in the United States by Inc. 500 for two consecutive years and consistently ranking as a Top 100 Dealer in the USA by Boating Industry magazine. Additional information about the company's operations and services can be found at https://www.offthehookyachts.com/.
The successful public offering signals growing investor confidence in the marine industry and technology-driven wholesale models. Off The Hook YS attributes its success to a commitment to excellence, emphasizing the hiring of highly skilled professionals who embody integrity and passion for the boating industry. By prioritizing relationship-building and ensuring client satisfaction, the company has established itself as a go-to wholesaler in the competitive marine market. The capital raised through this offering positions the company to accelerate its growth trajectory while maintaining its focus on technological innovation and customer service excellence in the yacht and boat wholesale sector.
Curated from InvestorBrandNetwork (IBN)
