Acushnet Holdings has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company expects to price its 19.33 million shares in the range of $21 to $24 per share, with an overallotment option for an additional 2.90 million shares. At the maximum price the entire offering is valued up to $533.60 million. The company intends to list its shares on the New York Stock Exchange under the symbol GOLF.
The underwriters for the offering are JPMorgan, Morgan Stanley, Nomura, UBS Investments, Credit Suisse, Daiwa Capital Markets, Deutsche Bank, Jefferies, Wells Fargo, D.A. Davidson, KeyBank Capital Markets, Raymond James and SunTrust Robinson Humphrey.
This is the global leader in the design, development, manufacture and distribution of performance-driven golf products, which are widely recognized for their quality excellence. Driven by its focus on dedicated and discerning golfers and the golf shops that serve them, Acushnet believes it is the most authentic and enduring company in the golf industry.
Acushnet described its mission as to be the performance and quality leader in every golf product category in which it competes. The company has remained consistent since it entered the golf ball business in 1932. According to the company, it is the steward of two of the most revered brands in golf: Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wear brands. Titleist has been the number one ball in professional golf for 68 years, and FootJoy has been the number one shoe on the PGA Tour for over six decades.
The company detailed its finances as follows:
For the year ended December 31, 2015 and the six months ended June 30, 2016, we recorded net sales of $1,503.0 million and $903.0 million, net income (loss) attributable to Acushnet Holdings Corp. of $(1.0) million and $52.1 million and Adjusted EBITDA of $214.7 million and $164.4 million, respectively.
Currently, the company does not expect to receive any proceeds from this offering. Instead, the selling stockholders will receive the proceeds.