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Titleist and FootJoy Parent Company Acushnet Holding Corp. Files For IPO Monday
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One day after the PGA’s U.S Open came to a conclusion, the holding company of popular golf brands Titleist and FootJoy, Acushnet Holding Corporation filed for an initial public offering.
Acushnet is hoping to raise up to $100 million with the offering, though this figure is usually more of a place-holding figure rather than an actual projected amount of capital to be raised. According to the company’s filing with the SEC, all shares to be sold will come from the holdings of investors who bought the business back in 2011, meaning that Acushnet will not receive any of the profits from the launch.
Fitting accordingly with the brands it owns, the company will be listing under the ticker GOLF, though the exchange on which it will do so is unclear. The IPO will be lead by banks J.P. Morgan (JPM - Free Report) and Morgan Stanley (MS - Free Report) .
In its filings Acushnet reported an adjusted loss of $966,000 on revenue of $1.5 billion in fiscal 2015, which represented a 2.3% drop in revenue compared to the year prior. Though the golf industry struggled after seeing a decline in the number of rounds played between 2006 and 2014, the company has seen better numbers in the past couple of years.
Footwear is a leading catalyst of growth in the company, as its FootJoy business enjoyed growth of 16.6% last quarter. Acushnet’s other brand, Titleist, saw growth of 9.4% and 8.7% for its clubs and gear businesses, as well as a 2.5% decline in golf ball sales.
With the rising popularity of golfers like Jordan Spieth, Rory McIlroy, and Jason Day, many in the gold industry are hoping that the sport can become more popular, especially with younger generations. Either way, Acushnet’s IPO will be one to watch for, as investors will be able to get a piece of the company that’s been supplying them on course for years.
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Titleist and FootJoy Parent Company Acushnet Holding Corp. Files For IPO Monday
One day after the PGA’s U.S Open came to a conclusion, the holding company of popular golf brands Titleist and FootJoy, Acushnet Holding Corporation filed for an initial public offering.
Acushnet is hoping to raise up to $100 million with the offering, though this figure is usually more of a place-holding figure rather than an actual projected amount of capital to be raised. According to the company’s filing with the SEC, all shares to be sold will come from the holdings of investors who bought the business back in 2011, meaning that Acushnet will not receive any of the profits from the launch.
Fitting accordingly with the brands it owns, the company will be listing under the ticker GOLF, though the exchange on which it will do so is unclear. The IPO will be lead by banks J.P. Morgan (JPM - Free Report) and Morgan Stanley (MS - Free Report) .
In its filings Acushnet reported an adjusted loss of $966,000 on revenue of $1.5 billion in fiscal 2015, which represented a 2.3% drop in revenue compared to the year prior. Though the golf industry struggled after seeing a decline in the number of rounds played between 2006 and 2014, the company has seen better numbers in the past couple of years.
Footwear is a leading catalyst of growth in the company, as its FootJoy business enjoyed growth of 16.6% last quarter. Acushnet’s other brand, Titleist, saw growth of 9.4% and 8.7% for its clubs and gear businesses, as well as a 2.5% decline in golf ball sales.
With the rising popularity of golfers like Jordan Spieth, Rory McIlroy, and Jason Day, many in the gold industry are hoping that the sport can become more popular, especially with younger generations. Either way, Acushnet’s IPO will be one to watch for, as investors will be able to get a piece of the company that’s been supplying them on course for years.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>