Proactive Investors - Amer Sports Inc (NYSE:AS) shares started trading on Thursday after the maker of Wilson tennis rackets and Arc’teryx outdoor clothing raised $1.37 billion in its discounted initial public offering, though its shares opened slighty higher in early trading.
The group, which also owns Salomon, Atomic, and Peak Performance brands, last month said it aimed to raise IPO would see 100 million shares issued, plus potentially another 15 million over-allotment, with an offer price expected to be between $16 and $18.
However, the IPO was priced at $13 per share by its appointed investment banks, led by Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), JP Morgan (NYSE:JPM) and Morgan StanIey.
Amer, which is headquartered in Finland and remains 56% owned by China's Anta Sports, was valued at roughly $6.3 billion in the IPO.
Its market cap crept higher in initial trading as the shares opened at $13.40.
"The listing is only the starting point of the next phase in our journey as we accelerate the delivery of our vision to become a global leader in premium sports and outdoor brands," Amer said in a statement.
According to a Reuters report, some investors were concerned about the company's growing reliance on sales from China.