On February 1, Amer Sports, a subsidiary of Anta (02020), officially landed on the New York Stock Exchange, **AS", and Amer Sports became one of the first large-scale IPOs in 2024.
Three existing investors, Anta, Anamered Investments and Tencent (00700), have agreed to buy the company at the issue price**. According to the documents, Anta and Anamered will buy up to 2$200 million**, Tencent will buy up to $70 million**. Anamered is a subsidiary of yoga clothing retailer Lululemon Athletica (luluUS) founder of Chip Wilson's investment firm.
This is the September 2023 launch of the new model by chip design company ARM (ARMUS) is the largest IPO in the United States since the listing wave.
amer sports(as.US) closed up 308% to 13$4, market cap 64$9.2 billion.
Synthesis |Prospectus NYSE Editor | arti
This article is for informational purposes only and does not constitute any trading advice
Founded in 1950, Amer Sports is a Finnish sporting goods company headquartered in Helsinki, Finland. It has a number of high-end brands such as Arc'teryx, Salomon and Wilson, covering outdoor, skiing, tennis, golf and other sports fields, with products sold to more than 100 countries and more than 10,000 employees worldwide. According to the prospectus, in 2019, a consortium jointly established by Anta Sports, Fountainvest SPV, Anamered Investments and Tencent SPV made a cash offer to acquire all the issued shares of Amer Sports for a total purchase price of about 4.6 billion euros. It is worth mentioning that Anamered Investments is an investment company founded by Chip Wilson, the founder of the Canadian yoga movement brand lululemon. The tender offer was completed in March 2019, and ANTA Sports, together with other consortium members, owns the entire issued share capital of Amer Sports through AS Holding. After the completion of the transaction, Anta Sports will hold 58% of the shares, Fountainvest SPV and Anamered Investments will each hold 21%, and Tencent will participate through Fountainvest SPV. According to the prospectus, the institutional investors who currently hold more than 5% of the shares are still these four. This is the company's return to the capital markets after being acquired by China's Anta Sports in 2019 and delisting from Nasdaq Helsinki. In 2019, Amer Sports restructured and simplified its corporate structure, transforming its brands across three core segments into a direct operating model. Revenue growth accelerated after the acquisition was completed, growing at a CAGR of 204%, and the gross profit margin for the same period increased from 470% expanded to 497%。By region, as of the first nine months of 2023, 40% of the company's revenue came from the Americas, 33% from EMEA, 8% from Asia Pacific (excluding Greater China), and 19% from Greater China. According to the prospectus, from 2020 to 2022, Amer Sports' revenue in Greater China increased from 20.2 billion to 60The compound annual growth rate of 9% increased to 5$2.4 billion, with revenue accounting for from 83% to 148%；In the first three quarters of 2023, revenue in Greater China surged by 67% year-on-year6% to 5US$9.3 billion, which has exceeded the revenue scale in Greater China in 2022, and the proportion of revenue has further increased to 194%。Since 2018, Amer Sports' capabilities in Greater China have continued to expand, and as of September 30, 2023, the total number of Amer Sports employees in the region has increased from approximately 450 to 800. In terms of brand penetration in Greater China, as of the first nine months of 2023, Amer Sports has 63 Arc'teryx retail stores, 30 Salomon owned retail stores and 67 distribution points (including its own retail stores and partner stores) in Greater China, an exponential increase from 13 in 2019. According to the prospectus, Archaeopteryx (ARC'Teryx) Salomon and Wilson accounted for more than 90% of the total revenue in the first three quarters of 2023, of which Arc'teryx, Salomon and Wilson accounted for more than 90% of the revenue. 4%。Arc'teryx is the most well-known brand of Amer Sports in China. In the first three quarters of 2023, Arc'teryx's revenue surged by 61% year-on-year8% to 9US$4.1 billion, of which Greater China contributed 48% of revenue, making it the largest market. In addition, Arc'teryx's loyalty program has more than 1.7 million members in Greater China, compared to just 140,000. From 2020 to 2022, the company's revenue increased from $2.4 billion to $3.5 billion, growing at a CAGR of 204%；Gross margin from 470% to 497%；Net loss from 2$3.7 billion to $2$5.2 billion; Adjusted EBITDA from 3$1.1 billion to $4$5.3 billion, with a CAGR of 206%。In the first three quarters of 2023, Amer Sports' revenue increased by 29% year-on-year9% to 30$5.3 billion; Gross margin increased from 49 in the same period in 20224% to 522%；The net profit loss was 1$1.4 billion, up 91%；Adjusted EBITDA increased from 2US$6.2 billion, an increase of 613% to 4$2.2 billion. According to the prospectus, most of Amer Sports' book "losses" came from valuation losses caused by the company's divestment of other sub-brands. Since 2018, Amer Sports has been transforming to focus on its core brands and streamline its product portfolio. From 2019 to 2022, the company's divested brands include M**IC, Suunto and Precor. In July 2019, Amer Sports completed the divestiture and ** of its French cycling brand M**IC; In December 2020, Amer Sports paid $200 million** for Precor, a fitness equipment company, and the buyer was Peloton, a leading smart fitness company in the United States; In January 2022, Amer Sports gave its Finnish dive computer and tools and sports watch brand Suunto** to Liesheng, a Chinese wearable technology company. According to the prospectus, Amer Sports intends to use the net proceeds from the offering to repay all outstanding borrowings under the existing shareholder loans. Amer Sports' listing in the U.S. can improve its brand** and reputation, increase its competitiveness and attractiveness in the global market, and obtain more financial support and flexibility. In addition, this is also an important step for ANTA Sports to realize its internationalization strategy. As the largest shareholder of Amer Sports, ANTA Sports will gain more capital returns and brand voice with the listing of Amer Sports, and achieve strategic synergy.