Amer Sports, the maker of Wilson tennis rackets, said Monday it is targeting an up to $8.7 billion valuation for its upcoming US initial public offering (IPO).
According to CNBC, it is a move towards a listing that could test investor appetite for highly valued companies.
Amer Sports, the maker of Wilson tennis rackets, is targeting an up to $8.7 billion valuation for its upcoming US initial public offering (IPO).Clive Brunskill/Getty Images
Amer Sports' Sale of 100 Million Shares
Amer Sports is home to the globally recognized Wilson brand associated with sporting legends like Roger Federer, Russell Wilson, and Jamal Murray.
On Monday, the company said it would sell 100 million shares of its common stock between $16 and $18 each to raise up to $1.8 billion in its IPO.
So far, 643 Grand Slam title winners are using the Wilson tennis racket, adding a storied legacy to Amer Sports. Founded dating back to 1950, the company operates in three segments and
handles iconic sports and outdoor brands, including Salomon, Arc'teryx, Atomic, and Peak Performance. The anticipated New York Stock Exchange listing would be under the symbol "AS," according to the company's plan.
The company said its current investors, namely Anta Sports, Anamered Investments, and Tencent Holdings, have expressed interest in acquiring up to $510 million worth of shares at the IPO price. That reinforces confidence in the company's potential and underscores the commitment of existing stakeholders.
The lead underwriters for Amer Sports' offering are Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup, BofA Securities, and UBS Investment Bank.
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