Academy Sports and Outdoors, a US sports and outdoor equipment retailer, announced terms for its IPO on Wednesday.
The Katy, TX-based company plans to raise $250 million by offering 15.6 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Academy Sports and Outdoors would command a fully diluted market value of $1.5 billion.
Academy Sports is one of the leading full-line sporting goods and outdoor recreation retailers in the US, serving an estimated 30 million unique customers and completing approximately 80 million transactions in 2019. From its beginnings as a family business, the company has grown to 259 stores across 16 contiguous states. Its product assortment focuses on key categories of outdoor, apparel, footwear, and sports & recreation through both national brands and a portfolio of 17 owned brands.
Academy Sports and Outdoors was founded in 1938 and booked $5.3 billion in sales for the 12 months ended August 1, 2020. It plans to list on the Nasdaq under the symbol ASO. Credit Suisse, J.P. Morgan, KKR, BofA Securities, Evercore ISI, Guggenheim Securities, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price on Thursday, October 1, 2020.
