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Amer Sports raises $1.37B in IPO, missing targets

Photographer: Jeenah Moon/Bloomberg via Getty Images

Photo: Jeenah Moon/Bloomberg via Getty Images

Amer Sports raised $1.37 billion in its initial public offering, falling below its targets.

Why it matters: Amer's closely watched debut should set the stage for the broader IPO market.

Details: Shares of the parent behind Wilson, Salomon and Arc'teryx opened at $13.33 a piece, in line with its IPO price of $13 set a day before.

  • This sets the company's valuation at about $6.3 billion.
  • The company sold 105 million shares in the IPO.
  • Three of its shareholders, Anta Sports, Anamored Investments and Tencent Holdings, agreed to buy 21 million in additional shares. This is on top of their previous commitment.

💭 Our thought bubble: The tepid reception underscores investor concerns over the company's reliance on China.

  • Amer backer Anta Sports is one of China's largest athletic apparel producers.
  • In its IPO prospectus, the company's supply chain is linked to suppliers and manufacturing facilities in China. Around 33% of its products sourced from third-party suppliers were made in China in 2022.

What's next: The company will use the proceeds mainly to pay down debt.

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