Shares of Academy Sports & Outdoors "fell in their market debut Friday, even after the company lowered its asking price, highlighting the challenge the sporting-goods chain faces in winning over investors when much of the retail sector is ailing," according to Renata Geraldo of the WALL STREET JOURNAL. The chain owned by private-equity firm KKR & Co. "set a price for $13 for the 15.6 million shares." At that price, the company would raise about $203M at a valuation of roughly $1.1B. The company previously "planned to sell the shares at $15 and $17 apiece" for a valuation of about $1.5B. The stock opened at $12.10 down 7%, before recovering ground and closing at $12.99. Academy Chair, President & CEO Ken Hicks attributed the slow performance "to the broader selloff after President Trump and first lady Melania Trump were diagnosed with Covid-19." Academy said that sales "jumped in the first half of the year as shoppers flocked to its 259 U.S. stores for firearms and other outdoor gear." KKR, which acquired the chain in '11, is "taking it public in a surging initial-public-offering market." KKR "will remain Academy's largest shareholder with about 70% ownership" (WALL STREET JOURNAL, 10/2). At presstime, shares of Academy were trading at $13.32, up 2.58% from the close of business Friday (THE DAILY).
