Wilson racquet maker aims for IPO
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The news: The manufacturer of Wilson tennis racquets has filed for an initial public offering (IPO) in the US. Amer Sports, which also produces Louisville Slugger baseball bats and Salomon ski boots, claims it has improved sales and margins in recent years and is on the cusp of strong growth in China.
The numbers: Amer Sports did not say how much money it is hoping to raise from an IPO, or the price or number of shares. The business had a net loss of $113.9 million for the nine months ended 30 September 2023. However it has improved adjusted earnings before tax, income, depreciation and amortisation. This was $422.1 million for the same period and higher than the $261.8 million for the nine months to 30 September 2022.
The context: Amer was founded in Finland in 1950. In 2019, an international consortium including Chinese giant Tencent and American retail mogul Dennis J Wilson bought the business. Amer claims China has comprised more of its total revenue for the past three years and more growth is possible.
The sources: Amer Sports Announcement, SEC Registration Form
