Amer Sports slides after stock offering upsized

Amer Sports

05/12/2024 12:29

** Shares of Amer Sports  AS.N  down 5.7% to $24.14 after
follow-on offering priced
** Finland-based maker of Wilson tennis rackets late Weds said
it sold 40.8 mln shares at $23, which equates to gross raise of
~$938 mln
** Offering size increased from 34 mln shares, priced at 10.1%
discount to last sale
    ** If full over-allotment exercised, AS could raise ~$1.08
bln
    ** Co plans to use net offering proceeds to repay portion of
debt under its term loan facilities
    ** BofA and JP Morgan jt-lead bookrunners for offering
    ** Co has ~505.6 mln shares outstanding for ~$13 bln market
cap, and ~135.2 mln shares of public float, per LSEG
** Through Weds, AS shares have rallied 85% over the past three
months. Co went public in Jan IPO priced of $13

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))