Lei Jianping on February 2
Finnish sports brand Amer Sports (**: "AS"), the parent company of Arc'teryx, listed on the New York Stock Exchange yesterday.
Amer Sports had an offering price of $13 and raised $13$6.5 billion. The opening price of Amer Sports and the ** price are both 13$4, at the ** price, the company's market capitalization is about 64$9.2 billion.
However, the offering price of Amer Sports is significantly lower than the originally planned target range of $16 to $18. This means that Amer Sports is trading at a significant discount to its share price.
The disappointing results could cool down the initial recovery of the IPO market.
Last week, KKR-backed BrightSpring also failed to meet its IPO target, seeking a whopping 9After raising $600 million, the initial offering** raised only $6$9.3 billion. Brightspring also sold approximately $400 million of tangible equity units associated with the offering, and its share price is approximately 14% lower than the IPO**.
Zheng Jie, CEO of Amer Sports, said in an interview with foreign media: "I hope that from now on our share price can double. I'd like to say, this ** is a bit frustrating. ”
Zheng Jie also added that the current stock price performance only reflects a short-term view. The company remains confident about the future and said the listing will unlock growth potential.
9-month net loss of 1$1.4 billion
According to reports, Amer Sports is located in Finland and has operations all over the world, with a series of brands, including Atomic ski equipment, Salomon mountain sports equipment, Archaeopteryx clothing, Louisville Slugger baseball sports products, etc.
According to the prospectus, Amer Sports' revenue in 2020, 2021, and 2022 will be 24$4.6 billion, $30$6.7 billion, $35$4.9 billion; Operating profit was 1$2.5 billion, 1$8.7 billion, $50.6 million;
Amer Sports has a continuous operating loss of -1 in 2020, 2021, and 2022, respectively$7.4 billion, 1$2.5 billion, 2US$3.1 billion; The net loss was 2$3.7 billion, 1$2.6 billion, 2$5.3 billion.
Amer Sports posted revenue of 30$5.3 billion, up from $23.3 in the year-ago quarter$500 million, an increase of 299%；In the first nine months of 2023, Amer Sports generated 19 percent of its total revenue from China4%, up from 83%。
Amer Sports has an operating profit of $2 for the first nine months of 2023$4.3 billion, compared to operating profit of 1US$0.9 billion; Loss from continuing operations was 1$1.4 billion, compared to a loss from continuing operations of $82.6 million in the year-ago quarter; The net loss was 1$1.4 billion, compared to a net loss of $1.4 billion in the year-ago quarter0.4 billion US dollars.
Amer Sports expects revenue of 43$5.3 billion to $43$6.3 billion, with a net loss of $200 million to $2$3.4 billion; Adjusted EBITDA is expected to be 5$9.7 billion to 60.7 billion US dollars.
Anta holds the largest shares, and Tencent is also a shareholder
Amer Sports was defeated by Anta in 2018 with 46The 600 million euros (about 37 billion yuan) cash acquisition became a consortium consisting of Anta, FountainVent Capital, lululemon founder Chip Wilson and Tencent.
In addition to FountainEst Capital and Tencent Investment, in November 2019, Anta had 11HK$9.8 billion (about HK$10.8 billion7.4 billion yuan) indirectly gave part of Amer Sports' equity to other institutions.
According to the announcement, Anta has acquired 52,517% stake, buyers include Chaohong, Jinfu, Sequoia SPV and ZWC Partners.
Before the IPO, Anta Sports held 56% of the shares, FountainVest Capital held 16% of the shares, and Anamered Investments held 20% of the shares6%, Tencent holds 56%。
After the IPO, ANTA Sports held 445%, FountainVenture Capital holds 127%, Anamered Investments holds 163%, Tencent holds 45%。
Lei Di was founded by ** Lei Jianping, if ** please in**.