Offering Price $36, Intraday $31… Sports Fashion Stocks Face Turbulence Again

Shares of Amer Sports Inc. (Ticker: AS), which had shown weakness immediately after its public offering, closed at $31 on the New York Stock Exchange on the 20th, down 5.11%. Approximately 2.61 million shares changed hands, and its market capitalization fell by about $875 million in a single day—roughly KRW 1 trillion—sliding to $17.9 billion (around KRW 23 trillion).

In early March, the company conducted a common stock offering of approximately $750 million, issuing about 20.6 million shares at $36.40 apiece, with the proceeds earmarked for repaying its 6.75% high-yield secured notes. Earlier in January, it accelerated its deleveraging by making an early redemption of $80 million of the same bonds.

Headquartered in Helsinki, Finland, Amer Sports is a global sports and outdoor group that owns premium brands such as Arc’teryx, Salomon, and Wilson. Founded in 1950 as a tobacco company, it has evolved into a specialist sporting goods enterprise through a series of mergers and acquisitions. Major shareholders now include China’s Anta Sports and founder Chip Wilson, and the company went public on the New York Stock Exchange in 2024.