Amer Sports, the parent company of Arc’teryx, Salomon, Wilson and other brands, raised $1.365 billion in its IPO on the NYSE through the sale of 105 million shares, 24 percent below the $1.8 billion the company had originally planned to raise. Nonetheless, yesterday’s IPO valued Anta Sports at $6.5 billion, some five years after Anta Sports acquired the group for $5.2 billion. Approximately 60 percent of the IPO was sold to three members of the consortium that acquired Amer in 2019. Besides Anta, that trio included Anamered Investments and Tencent Holdings Ltd.
Amer shares, trading under the “AS” ticker, closed at $13.40 following the IPO and were up more than 4 percent early on the stock’s first full day of trading on the New York Stock Exchange. Some analysts believed Amer’s reliance on the Chinese market for growth could have dampened investor demand during the offering and the group’s valuation. But Amer Sports CFO Andrew Page rebuffed that analysis, telling publications, “At the end of the day, we really believe in the long-term value that we are going to create for our existing and new shareholders.”
For the nine months ended Sep. 30, 2023, Amer Sports had a net loss of $115.6 million on total revenues of $3.05 billion.
