The IPO Buzz: Amer Sports (AS) Sets Terms & Launches $1.7 Billion IPO

Whoosh! Faster than the serve of your favorite tennis star, Wilson Sporting Goods parent Amer Sports (AS proposed) set terms and launched its $1.7 billion IPO – just as the sun rose over Wall Street today (Monday, Jan. 22, 2024). Amer Sports is offering 100.0 million shares at a price range of $16.00 to $18.00. If the IPO is priced at the $17.00 mid-point of that range, Amer Sports will have a valuation – or a market cap – of about $8.24 billion. The Cayman Islands holding company, the parent of Helsinki-based Amer Sports Corp., launched the IPO by kicking off its roadshow today. Amer Sports, Inc. plans to price its IPO next week – on Wednesday night, Jan. 31, 2024 – to trade Thursday, Feb. 1, 2024, on the New York Stock Exchange.

Goldman Sachs, BofA Securities, J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank are the joint book-runners.

The co-managers’ team consists of 15 investment banks, ranging from Baird and BNP Paribas to Siebert Williams Shank and Tigress Financial Partners.

Cornerstone investors are in for up to $510 million of stock in the IPO, according to the prospectus:

  • ANTA Sports Products Limited, a Chinese company, is in for up to $220 million;

  • Anamered Investments, an investment vehicle owned by Lululemon founder Chip Wilson, is in for up to $220 million, and

  • Tencent Holdings, the Chinese tech investment company and a rival of Alibaba, is in for up to $70 million.

Up to 5 percent of the stock in the IPO is being reserved for sale at the IPO price to certain individuals affiliated with Amer Sports and its shareholders through a Directed Share Program, the prospectus says.

Amer Sports, Inc. is the parent of some iconic sports and outdoor equipment and apparel brands, including Arc’teryx, known for its ski jackets; Wilson Sporting Goods, known for its tennis rackets – and its tennis balls, which are used in the U.S. Open, and Salomon, known for its running shoes and other outdoor gear. The holding company’s registered address, the prospectus says, is on Grand Cayman in the Cayman Islands. Its subsidiary, Amer Sports Corp., is based in Helsinki, Finland. The company has a U.S. headquarters in Chicago.

Everyone knows that the sports world is a money game. Nevertheless, Amer Sports booked a net loss of $262.5 million on revenue of about $4.25 billion for the 12 months that ended Sept. 30, 2023, according to financial statements in the prospectus.

Stay tuned.

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