FAST NEWS: Amer Sports rises in New York trading debut
The latest: Shares of Amer Sports Inc. (AS.US), the international sports unit spun off by Anta Sports (2020.HK), opened at $13.40 in their Friday trading debut on the New York Stock Exchange, 3.1% higher than their IPO price of $13.
Looking up: The company raised $1.37 billion from the listing, the largest in the U.S. since last September.
Take Note: Following the listing, Anta’s share of Amer fell from 52.7% to 44.5%, reducing its influence at the company.
Digging Deeper: Founded in 1950 in Helsinki, Finland, Amer was purchased in 2019 by an Anta-led consortium whose other members included private equity fund FountainVest Partners, Lululemon founder Chip Wilson and internet giant Tencent (0700.HK). It currently owns several sporting brands, including Wilson and Arc’teryx, and sells its products in more than 100 countries. The company was first reported to be considering a New York listing last year, and made the first public filings for its listing last month.
Market Reaction: Amer shares maintained their initial gains to close at $13.40 on Thursday, up 3.1%, valuing the company at about $6.49 billion.
Translation by A. Au
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