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Finland unit Amer’s US$1 billion New York IPO to help Chinese sportswear maker Anta chase down likes of Nike, Adidas at home
- Steady surge in Amer’s China sales might threaten regional market shares of Nike and Adidas, Bloomberg analyst says
- Finland-based Amer, in which Anta has a 52.7 per cent stake, might be valued at as much as US$10 billion after the stock offering
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Zhang Shidongin Shanghai
Anta Sports Products, China’s biggest sportswear maker, might get a boost from the US$1 billion initial public offering (IPO) of its subsidiary, Amer Sports, as it challenges global giant Nike and fends off intensifying competition in its home market in 2024.
Finland-based Amer, which is known for its Wilson tennis rackets and Salomon ski boots, has applied for a listing in New York and will probably be valued at as much as US$10 billion after the stock offering. The proceeds might help Amer, in which Anta has a 52.7 per cent stake, further expand its foothold in China, a market that currently contributes about a fifth of its sales.
Anta led a consortium that bought out Amer for US$5.2 billion in 2019, diversifying Anta’s product range that mainly featured athletic apparel and trainers.
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“Anta’s 45 per cent representation on Amer’s enlarged board of directors raises the chance that China will keep driving revenue gains for the subsidiary after it lists,” said Catherine Lim, an analyst at Bloomberg Intelligence.
“A steady surge in Amer’s China sales might threaten regional market shares of Nike and Adidas.”
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Anta, which is based in the southeastern province of Fujian, had a 20.4 per cent share of the sportswear market in China in 2022, behind Nike’s 22.6 per cent slice of the pie, according to Everbright Securities.
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