Wilson tennis racket maker Amer Sports reveals revenue surge in US IPO paperwork
AMER Sports, which makes the iconic Wilson tennis rackets, on Thursday (Jan 4) revealed a 30 per cent revenue surge for the first nine months of 2023 in its filing to go public in the US, joining other high-profile firms looking to take advantage of recovering investor appetite.
US initial public offerings (IPO), which went through an arid period that lasted most of 2022 and 2023, are projected to rebound as the stock market hovers near record highs.
Social media giant Reddit, cloud security company Rubrik and software startup ServiceTitan are also expected to go public in 2024 as fears of an economic downturn wane and capital market volatility eases.
Amer Sports’ revenue was US$3.05 billion in the nine months ended Sep 30, compared with US$2.35 billion a year earlier.
The company, which makes rackets that have been used by tennis legends such as Roger Federer, did not reveal the size and pricing details of its offering.
It went private in 2019, after a consortium led by China’s Anta Sports made an offer to acquire it in a deal that valued it at more than US$5 billion.
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Another supplier of major US sports league headware New Era Cap has also kicked off preparations for an IPO in New York that could value it at US$4 billion to US$5 billion, Reuters reported in September.
Amer Sports, which is the home to iconic sports and outdoor brands including Arc’teryx, Salomon, Atomic and Peak Performance, is looking to list on the New York Stock Exchange and trade under the ticker symbol “AS”.
Goldman Sachs, BofA Securities, JPMorgan and Morgan Stanley are among the underwriters for the offering. REUTERS
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