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Biz News Korea(Eng)
Fila Korea to up stake to 50% in Titleist maker Acushnet after next week’s IPO
- Collected
- 2016.10.21
- Distributed
- 2016.10.24
- Source
- Go Direct
The top golf name plans to offer 19.33 million shares in the hopes of pricing them between $21 and $24 apiece. Depending on demand, the option for overallotment would allow the golf equipment maker to issue additional 2.9 million shares, making the IPO to fetch maximum $533.5 million.
The company wholly owned by Fila Korea and Korean equity firm Mirae Asset Private Equity filed with the U.S. Securities and Exchange Commission last week its plan to list its shares on the New York Exchange under the symbol GOLF as early as next week.
The apparel maker bought the full stake in Acushnet in syndicate with Mirae and other financial investors at $1.23 billion from Fortune Brands in July 2011. Fila Korea owning 33.1 percent stake in the U.S. company plans to buy additional shares from existing shareholders that it had teamed up for acquisition to hopefully increase its stake up to 50 percent to protect its management right.
The financial investors plan to sell about 20 percent stake of their 66.5 percent to Fila Korea and offer the rest for IPO.
By Song Gwang-sup
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