Salomon Owner Amer Sports Looks to Raise up to $1.8 Billion in IPO

Amer Sports, Inc. is looking to raise up to $1.8 billion its in U.S. initial public offering (IPO).

The Finnish company, which owns the Salomon, Arc’Teryx, Wilson, Peak Performance and Atomic brands, kicked off its IPO on Monday with plans to offer 100 million ordinary shares priced between $16 and $18 per share. The company has been approved to list on the New York Stock Exchange with the ticker “AS”. The company filed a statement with the SEC earlier this month announcing its proposed initial public offering.

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Amer Sports is targeting a valuation up to $8.7 billion, Reuters reported.

According to an F-1 document filed with the U.S. Securities and Exchange Commission on Monday, Amer’s revenue for the nine months ended Sept. 30 was $3.1 billion, up 29.9 percent compared to the same period in 2022. Gross margin increased from 49.4 percent to 52.2 percent. The company also shared preliminary results for 2023, which included revenue of $3.55 billion and a net loss of $252.7 million.

Salomon, in particular, had a standout year in 2023, bolstered by Rihanna’s Super Bowl performance in which she wore the MM6 Maison Margiela x Salomon Cross Low sneakers. For the nine months ended Sept. 30, 2023, Salomon revenue was $949.3 million. According to StockX, Salomon was the fastest-growing sneaker brand on the marketplace in 2022, experiencing 2,277 percent trade growth in 2022 over 2021.

“Salomon intends to continue leveraging its premier innovation capabilities to improve existing product lines as well as develop new products to drive growth and increase market share,” the filing, which outlined a broader strategy to grow the rest of Amer’s brands as well, read.

Amer’s filing marks one of the first major shoe IPOs in 2024, following Birkenstock’s move to go public at the end of 2023. While IPO activity was broadly dull throughout 2023, it has started to pick up in recent months and is expected to accelerate in the back half of 2024. Heading into 2024, Golden Goose, Shein and Skims are among the most anticipated retail and fashion IPOs to watch.

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