OneWater Marine Inc. /zigman2/quotes/214656772/composite ONEW -1.60% said Friday its initial public offering priced at $12 a share, at the bottom of the expected range of $12 to $14, which was lowered last month from $18 to $20. The recreational boat retailer sold 4.6 million shares in the IPO to raise $55.4 million. The company said it plans to use the proceeds, together with cash on hand and borrowings under its credit facility, to redeem all outstanding preferred units in its One Water Assets & Operations LLC held by affiliates of Goldman Sachs & Co. /zigman2/quotes/209237603/composite GS -1.74% and The Beekman Group. The joint book-running managers of the IPO are Raymond James, Baird and SunTrust Robinson Humphrey. The company is going public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +4.55% has gained 16.0% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.48% has advanced 8.5%.