Amer Sports gears up for US IPO, valuation may reach $10 billion

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Amer Sports gears up for US IPO, valuation may reach $10 billion

Amer Sports, the manufacturer of Wilson tennis rackets and Salomon ski boots, has confidentially filed for a US initial public offering (IPO), which could potentially value the company at up to $10 billion, according to anonymous sources familiar with the matter. The company, backed by China's largest athletic-apparel producer Anta Sports Products Ltd., is planning to list by early next year.

The sports equipment maker is targeting an IPO of more than $1 billion and could seek as much as $3 billion, dependent on market conditions. Amer Sports also owns other renowned brands such as Louisville Slugger baseball bats, Arc’teryx outdoor gear, and Atomic winter equipment.

Anta Sports Products Ltd., along with its co-investors including private equity firm FountainVest Partners, were reported in December to be considering an IPO of Amer Sports. The deliberations are still ongoing and the details of the proposed IPO could yet change. Representatives for both Anta and Amer Sports have declined to comment on the matter.

Anta led a consortium in 2019 that acquired Amer Sports for approximately $5.2 billion, with the goal of introducing high-end athletic equipment to China's growing middle-class population. The buyer group also consisted of Tencent Holdings (OTC: TCEHY ) Ltd. and Chip Wilson, the billionaire founder of yoga-apparel retailer Lululemon Athletica (NASDAQ: LULU ) Inc.

In 2020, Anta sold Amer’s fitness-equipment subsidiary Precor to Peloton Interactive (NASDAQ: PTON ) Inc. for $420 million. Last year, Amer Sports saw a 22% revenue increase to 24 billion yuan ($3.3 billion), as reported in Anta’s most recent annual report.

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