Titleist parent Acushnet will sell shares in IPO under NYSE ticker symbol GOLF
Golf Biz

Titleist parent Acushnet will sell shares in IPO under NYSE ticker symbol GOLF

Titleist's parent company, Acushnet, plans to issue an initial public offering of 19.3 million shares, raising in upwards of $464 million, the company said in a Securities and Exchange Commission filing.

Acushnet plans to sell its shares in the $21-$24 range, potentially valuing the company at $1.78 billion. The shares will be sold on the New York Stock Exchange under the ticker symbol GOLF.

JPMorgan, Morgan Stanley, Nomura and UBS Investment Bank are among the leading underwriters of the offering. Approximately 2.9 million shares will be offered to the underwriters for purchase as an option.

In the filing, Acushnet pegs 2015 sales at just over $1.5 billion. Of those sales, Acushnet says golf balls make up 36 percent of the business, or $540 million. Golf clubs come in at 26 percent, while the FootJoy umbrella covers 28 percent.

Acushnet took a $1 million net loss for its holdings corporation in 2015, but made approximately $20 million in both 2013 and 2014. Adjusted net income for the company shot up from $46.7 million in 2011 to $86.7 million in 2015.

You can read more in the SEC filing.

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