Amer Sports rallies after underwhelming debut
02/02/2024 19:59
** Amer Sports Inc's AS.N shares up 11.2% to $14.90 on
Fri, a day after Wilson tennis racket maker's tepid debut
** AS shares posted about 3% gain on Thurs after
105-mln-share IPO priced at $13, well below the $16-$18 marketed
range
** Major shareholders, including China's Anta Sports
2020.HK and Chinese internet conglomerate Tencent Holdings
0700.HK , indicated to invest up to $510 mln in the IPO, nearly
40% of the deal
** Co, which owns a slate of iconic sports brands like
Arc'teryx and Salomon, generated about 19% of its sales in China
in first nine months of 2023, up from about 8% in 2022, per the
SEC prospectus filing
** Goldman Sachs, BofA, JP Morgan and Morgan Stanley led a
21-firm underwriting group on the IPO
** Amer Sports' underwhelming debut comes just a week after
KKR-backed BrightSpring Health Services BTSG.O priced its IPO
at $13, also below expectations
** BTSG shares currently down ~14% from offer price
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))