Amer IPO Risks Unpacked
A Following the Yuan X Calling the Shots collab. Primer on Amer+Anta, why we think the IPO is happening now and the risk factors.
Today, Anta-owned sporting goods company Amer Sports (NYSE: AS) is officially listed in the U.S. in an initial public offering of around US$1.37 billion.
Despite a discount, it is considered the largest IPO since last October, and it marked a rare occurrence of Chinese owners in the U.S. capital markets following Beijing's tech crackdown in late 2020.
I had the pleasure of looking at the Amer IPO with Yaling Jiang from Following the Yuan. You can read the full piece below.
Why IPO now at a discount? Two words: China and Arc'teryx.
The factors driving Amer Sports' IPO are its rapidly growing revenue contribution from the Greater China region—particularly from the Arc'teryx brand. In 2022, the Greater China region was 14.8% of Amer's total income, up from 8.3% in 2020, to US$523.8 million.
In the first three quarters of 2023, China makes up around 20% of Amer's total income. Notably…
