The Acushnet Company’s long-awaited IPO will be next week, according to a report in today’s Boston Globe.com. The Acushnet Company is the parent of the Titleist and FootJoy brands, two of the most respected names in golf. Titleist is the brand market (and PGA Tour) leader in golf balls and FootJoy has long been a leader on the golf shoe side and the past few years made significant inroads into apparel and outwear.
It’s 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.
The IPO, under the “GOLF” symbol, is expected to trade for between $21 and $24 per share and could raise as much as $435 million, most of which will go to Fila Korea, Ltd., which acquired which acquired Acushnet from Fortune Brands in 2011. If those IPO numbers hold true, they would mark the Acushnet Co.s at $1.7B, by far the most highy-valued pure golf company in the industry.
A successful Acushnet IPO in some circles could be see as a boost for adidas Group’s attempt to sell its TaylorMade golf division. The German sporting good giant has had TaylorMade, which includes Adams Golf and Ashworth, on the market for more than one year with no takers.