Off The Hook YS (OTH) said late Wednesday it priced its initial public offering of about 3.8 million shares at $4 apiece for gross proceeds of about $15 million.

The yacht and boat wholesaler has granted underwriters a 45-day option to purchase up to an additional 562,500 shares at the offering price.

Shares of the company are expected to begin trading on the New York stock exchange American on Thursday, under the "OTH" symbol. The offering is expected to close on Friday.

Off The Hook aims to use the proceeds from the IPO for working capital to service its floorplan and for potential down payments to acquire and develop waterfront properties, among other objectives.