Next week's IPO on the NYSE for Massachusetts-based Acushnet Holdings, the maker of Titleist golf equipment, will "peg the market value" of the company at around $1.7B, according to Dan Adams of the BOSTON GLOBE. The offering is expected to raise roughly $435M "with the sale of 19.3 million shares priced between $21 and $24." The majority of voting shares will be "retained by Fila Korea Ltd., which has owned Acushnet" since '11. The offering "comes in a year that has seen a substantial reduction in the number of IPOs" in the U.S. Renaissance Capital Founding Principal Kathleen Smith said that investors "may be drawn to Acushnet’s IPO by Titleist, one of the most iconic brands" in the $8.7B golf industry. But she said that, on the other hand, the sport itself is "in a decline, and other companies such as Nike and Adidas have pivoted away from golf equipment following successive years of declining sales" (BOSTON GLOBE, 10/18). GOLFWEEK's Jason Lusk noted Acushnet common stock will be listed under the symbol "GOLF." The company’s federal filings in preparation for the IPO indicate the company lost $966,000 on $1.5B in sales in '15. Net income in '14 was $21.5M on $1.54B in sales, and net income in '13 was $19.6M on $1.48B in sales (GOLFWEEK.com, 10/17). In Boston, Greg Ryan reported Acushnet "plans to use the capital influx from the IPO to develop new Titleist balls and clubs, to expand further into golf clothing and gear, and to continue to grow globally, including in places with developing economies like Southeast Asia." In addition to Titleist, Acushnet’s brands include FootJoy (BIZJOURNALS.com, 10/17).
