Leslie's, Inc. (Leslie's), the largest direct-to-consumer brand in the US pool and spa care industry, has announced the pricing of its initial public offering of 40 million shares of its common stock at an initial public offering price of US$17 per share. The offering consists of 30 million shares of common stock being sold by Leslie's and 10 million shares of common stock being sold by a parent entity of Leslie's (the Selling Stockholder) majority owned by L Catterton and GIC. In addition, the Selling Stockholder granted the underwriters a 30-day option to purchase up to 6 million additional shares of common stock at the initial public offering price, less underwriting discounts and commissions to cover over-allotments, if any. Leslie's will not receive any proceeds from any sale of shares by the Selling Stockholder. The shares of common stock are expected to begin trading on the Nasdaq Global Select Market on October 29, 2020 under the ticker symbol "LESL." The offering is expected to close on November 2, 2020, subject to customary closing conditions. Leslie's expects to receive net proceeds of approximately US$465 million, after deducting underwriting discounts and commissions and offering expenses.
Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by New York partners Marc Jaffe and Stelios Saffos, with associates Scott Westhoff, Taylor Stevens, Nicholas Reist, and Sofia Sitterson. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with associate Lea Li; on benefits & compensation matters by New York counsel Rifka Singer, with associate Alisa Hand; on IP matters by New York partner Jeffrey Tochner, with associate Max Miroff; and on environment, land & resources matters by New York counsel David Langer, with associate Jack Matthews.