You are here

Amer Sports comes up short in IPO offering

Published February 1, 2024

HELSINKI (BRAIN) — Enve Composites owner Amer Sports did not meet pricing expectations for its initial public offering over analysts' concerns with its Chinese parent company Anta Sports Products.

Amer Sports shares begin trading Thursday on the New York Stock Exchange under the "AS" symbol. The IPO sold 105 million ordinary shares at $13, less than the expected $16 to $18. Previously traded publicly on the Helsinki stock exchange, Amer Sports was delisted in 2020 after it was acquired by a group led by Anta Sports Products.

Amer Sports did sell five million more shares than expected but the $1.37 billion for the IPO did not meet the $1.6 billion to $2 billion expected. The IPO values Amer Sports at about $6.3 billion. 

Amer Sports officially announced the filing last month after making a confidential filing for an IPO in the U.S. in September that would value the company as high as $10 billion, according to Bloomberg.

Amer granted underwriters a 30-day option to purchase up to 15.75 million ordinary shares. 

Amer Sports also owns Wilson Sporting Goods, Arc'teryx, Salomon, Atomic, Armada, Louisville Slugger, DeMarini, Sports Tracker, and Luxilon, a racquet string maker.

Amer bought ENVE in 2016 for $50 million. At the time, Amer also owned Mavic, which it sold in 2019. It also sold off the fitness brand Precor and the electronics brand Suunto. That year, the Anta-led group acquired Amer for $5.2 billion and took it private, with Anta owning about 53% of its shares.

Topics associated with this article: Mergers, Acquisitions & Investments, Earnings/Financial Reports

Join the Conversation