Dan Adams of the Boston Globe reports that Acushnet Holdings will be valued at $1.7 billion and is hoping to raise $435 million with the sale of 19.3 million shares. A whole bunch of people will get rich!
The offering is expected to raise roughly $435 million with the sale of 19.3 million shares priced between $21 and $24. Previous investors, not the company, will reap the proceeds.
Thanks to a series of related transactions in advance of the offering, the majority of voting shares will go to Fila Korea Ltd., which has owned Acushnet since 2011.
The long awaited IPO may also accelerate the sale of Taylor Made and Golfsmith.
**Steve Pike says this is the "most anticipated IPO since Callaway Golf Founder Ely Callaway took his company public in the early 1990s – a move that sparked a Wall Street run (with varied results) on golf equipment companies."