Wilson tennis racket maker Amer Sports files for IPO
Amer Sports, a Finnish maker of Wilson tennis rackets and other sports gear, filed for an IPO that's estimated to raise more than $1 billion.
Why it matters: It looks like we'll get some blockbuster IPOs in early 2024, after a molasses-drenched 2023, with Amer coming on the heels of the recent filing by KKR-backed BrightSpring Health.
Details: Amer is owned by China's Anta Sports Products. In addition to Wilson rackets, its products include Salomon ski equipment, Louisville Slugger bats, and apparel under the Arc'teryx and Atomic brands.
- The company reports a $114 million net loss on $3 billion in revenue for the first nine months of 2023, compared to a $104 million net loss on $2.35 billion in revenue during the year-earlier period.
- Amer has over 250 physical retail locations and more than 10,000 employees.
The bottom line: Unlike other outdoor gear makers whose post-pandemic fortunes have sagged, Amer has continued growing thanks to a Greater China business that now makes up nearly 20% of revenue. But trade tensions could cause that exposure to become a double-edged ski.