Acushnet gains on debut after lowering IPO price

The company sold 19.33 million shares at $17 apiece, according to a statement, below the indicative range of $21-24 per share. Opening at the IPO price, Acushnet's stock peaked at $18 before falling back to close at $17.95.

The shares sold were all held by financial investors: Mirae Asset Private Equity; Woori-Blackstone Korea Opportunity Private Equity Fund, which is jointly managed by Woori Private Equity and The Blackstone Group; and Neoplux Private Equity, an investment arm of Doosan Corporation.

Mirae's interest in Acushnet has fallen from 50.2% to 15.3%, while Woori-Blackstone has gone from 12% to 3.7%, and Neoplux from 4.1% to 1.3%, assuming the overallotment option is not exercised. Of the shares being sold by these investors, 14.8 million were acquired by Magnus, the parent entity of Fila Korea. Its holding will increase to 53.1% from 33.1%.

In 2011, Fila teamed with a consortium of investors led by Mirae to acquire the company from US-listed Fortune Brands for more than 1.2 billion. The National Pension Service of Korea and Korea Development Bank were among those supporting the deal.

The company generated $1.5 billion in net sales in 2015, down from $1.54 billion the previous year, while a net profit of $22 million swung to a net loss of $1 million over the same period. Adjusted EBITDA rose from $203 million to $215 million. In 2011, the year of the Korean acquisition, revenue and EBITDA were $1.34 billion and $136 million, respectively, and the company posted a net loss of $31 million.

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• Topics
• North Asia
• North America
• Consumer
• IPO
• South Korea
• USA
• Mirae Asset Private Equity
• Neoplux Capital
• Woori Private Equity
• The Blackstone Group
• Exit