Amer Sports files initial public offering with 21 underwriters and $3.5 billion in 2022 revenue
By Steve Gelsi
Deal comes about five years after consortium including Tencent, Anta Sports and Lululemon founder paid $5 billion for the company
Amer Sports Inc. on Thursday filed its initial public offering with plans to trade on the New York Stock Exchange under the symbol AS, five years after it was acquired by a Chinese consortium for about $5 billion.
The Helsinki, Finland-based company is going public with 21 underwriters including Goldman Sachs, BofA Securities, JPMorgan and Morgan Stanley as joint book-running managers, in a sign of a large deal.
The company owns sports brands Arc'teryx, Salomon, Wilson, Peak Performance and Atomic.
Amer Sports reported 2022 revenue of $3.55 billion, up from $2.4 billion in 2020, with a compound annual growth rate of 20.4%. Its net loss grew to $252.7 million from $237.2 million during the same timeframe.
Amer Sports has yet to disclose an estimated price range or other deal terms in its IPO.
The company's chief executive, Je "James" Zheng, has been in the job since 2020 and was previously a director at Anta Sports Products Ltd. (HK:2020) as well as general manager of Reebok (China) for footwear giant Adidas AG (XE:ADS) (DE:ADS1).
The company's financial chief, Andrew E. Page, joined Amer Sports last year after working as financial chief at Foot Locker Inc. (FL).
Principal shareholders of Amer Sports include FountainVest Partners, Anta Sports Product Ltd., Tencent Holdings Ltd. and Anamered investments Inc., which is an entity affiliated with billionaire Dennis J. "Chip" Wilson, the founder of Lululemon Athletica Inc. (LULU).
The shareholders acquired Amer Sports in 2019 after announcing plans to buy the company for about $5.2 billion in late 2018.
In 2020, Peloton Interactive Inc. (PTON) agreed to pay $420 million to Amer Sports for fitness-equipment provider Precor.
-Steve Gelsi
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01-04-24 1133ET
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