Latham inventory opens to investor cheers, valuing house swimming pool firm at practically $three billion
Investors were delighted with Latham Group Inc.’s SWIM debut (+ 30.18% on Wall Street) as the swimming pool company’s shares opened 30% above the market price in the bottom. The good reception may have surprised some as the IPO late Thursday pegged it at $ 19 per share, which was on the lower end of the expected range of between $ 19 and $ 21 per share. The first trade was at 11:53 a.m. Eastern at $ 24.70 for 1.9 million shares, valued at approximately $ 2.97 billion for Latham. The company sold 20 million shares in the IPO to raise $ 380 million. The stock has cut some gains since opening as it recently traded 28.7% at $ 24.40. The company went public on a day when the Renaissance IPO ETF (+ 1.55%) rose 1.8% and the S&P 500 SPX (+ 1.15%) rose 1.0%. gained.