Acushnet Holdings, which manufactures and markets golf equipment under several brands (e.g. Titleist), announced terms for its IPO on Monday.
The Fairhaven, MA-based company plans to raise $435 million by offering 19.3 million shares (100% insider) at a price range of $21 to $24. At the midpoint of the proposed range, Acushnet Holdings would command a fully diluted market value of $1.7 billion.
Acushnet Holdings was founded in 1910 and booked $1.5 billion in sales for the 12 months ended June 30, 2016. It plans to list on the NYSE under the symbol GOLF. J.P. Morgan, Morgan Stanley, Nomura Securities and UBS Investment Bank, Credit Suisse, Daiwa, Deutsche Bank, Jefferies and Wells Fargo are the joint bookrunners on the deal. It is expected to price during the week of October 24, 2016.
