Acushnet Holdings, which manufactures and markets golf equipment under several brands (e.g. Titleist), filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million.
The Fairhaven, MA-based company was founded in 1910 and booked $1.5 billion in sales for the 12 months ended March 31, 2016. It plans to list under the symbol GOLF. It has not selected an exchange. J.P. Morgan, Morgan Stanley, Nomura Securities, UBS Investment Bank, Credit Suisse, Daiwa Securities, Deutsche Bank, Jefferies and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
