On February 2nd, Anta Sports announced that the company had received notification from Amer Sports that it had started trading on February 1st, 2024 (New York time). As of the close of the US stock market, Yamafin Sports closed at $13.4 per share, up 3.08%, with a latest market value of approximately $6.5 billion.
It is reported that Yamafin Sports has issued 105 million shares of related securities at the final issue price of $13.00 per share. Yamafin Sports has successfully raised approximately $1.3 billion in its initial public offering (IPO), making it the largest IPO in the US stock market since September 2023.
From 2020 to 2022, the compound growth rate of revenue exceeded 20%, with Salomon contributing the most
As a global sports and outdoor brand group, Amafin Sports, founded in 1950, was listed on the Helsinki Stock Exchange in Finland in 1977. In 2019, after being acquired by an investor consortium consisting of Anta Sports, Fangyuan Capital, Anamed Investments, and Tencent for 4.6 billion euros, Yamafin Sports was delisted on the Helsinki Exchange.
Yamafen Sports has 11 outdoor and sports brands. In recent years, Arc'teryx, a well-known outdoor high-end brand in the Chinese market, Salomon, a French mountain outdoor off-road brand, and Wilson, an American tennis equipment brand, are all its core brands.
Financial data shows that from 2020 to 2022, Yamafin Sports achieved revenue of 2.446 billion US dollars, 3.067 billion US dollars, and 3.549 billion US dollars respectively, with a compound growth rate of 20.4%; The gross profit margin is 47%, 49.1%, and 49.7% respectively; The adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) was $311 million, $417 million, and $453 million, respectively.
In the first three quarters of 2023, Yamafin Sports achieved a revenue of 3.053 billion US dollars, a year-on-year increase of 29.9%, and its gross profit margin increased to 52.2%. Among them, Salomon contributed $949 million in revenue, a year-on-year increase of 35%; Archaeopteryx's revenue was 941 million US dollars, a year-on-year increase of 65%; Wilson's revenue was $866 million, a year-on-year increase of 10%.
It is worth noting that as of now, Yamafen Sports has not yet turned a profit. From 2020 to 2022, the net losses of Yamafin Sports were 237 million US dollars, 126 million US dollars, and 253 million US dollars, respectively; In the first three quarters of 2023, Yamafin Sports incurred a net loss of $114 million, an increase of 9.1% compared to the same period last year
According to Amazon Sports, its revenue for 2023 is expected to be between $4.353 billion and $4363 billion, a year-on-year increase of 22.7% -23%; Net loss of $234 million to $204 million, a year-on-year decrease of 7.4% -19.3%; After adjustment, the EDITDA was between $597 million and $607 million, a year-on-year increase of 31.8% -34%.
Revenue of 550 million euros in Greater China in the first three quarters of 2023
According to the prospectus, about 40% of Yamafin Sports' revenue comes from the Americas, and the revenue contribution of Greater China region has increased from 15% in 2022 to 19% in the first three quarters of 2023, indicating certain growth potential. Yamafin Sports also clearly affirmed the performance of its brands, represented by Archaeopteryx, in the Greater China market in its prospectus.
According to data, the revenue of Yamafin Sports in Greater China in 2020 was 180 million euros, and by the first three quarters of 2023, it had increased to 550 million euros. Among them, the revenue of Archaeopteryx was 453 million US dollars, accounting for over 40% of the contribution. At present, Archaeopteryx has 63 self operated stores in the Greater China region, accounting for approximately half of the brand's total stores.
As one of the shareholders of Yamafen Sports, Anta Sports, along with the other two major shareholders, has expressed potential cornerstone investors in this IPO to subscribe to a portion of Yamafen Sports's shares. In the latest announcement released by Anta Sports, it has been decided to purchase 16.9231 million shares with an investment amount of 220 million US dollars.
According to the announcement, Yamafin Sports has granted underwriters an over allotment option to purchase up to 15.75 million shares of related securities to cover any over allotment. Anta Sports stated that assuming the over allotment option has not been exercised, the group will hold a total of 220 million shares of related securities, equivalent to 44.74% of the issued shares of Yamafen Sports, after the shareholder level listing and restructuring of Yamafen Sports is completed.
As of the noon close, Anta Sports News reported HKD 67.15 per share, up 2.99%, with the latest market value of approximately HKD 190.2 billion.