28 Oct '16, 6pm

The Acushnet IPO raised a whopping $329 million at $17 a share on Friday

The Acushnet IPO raised a whopping $329 million at $17 a share on Friday

The symbol "GOLF" showed up on the New York Stock Exchange on Friday when the parent company of Titleist went public. Acushnet Holdings, the century-old company in Fairhaven, Massachusetts, that makes the top-selling Titleist golf ball and a full line of golf equipment, raised $329 million in an initial public offering of 19.3 million shares at $17. The price was below projections of $21 to $24 per share. One function of the IPO was an exit strategy for some of the investors. Fortune Brands sold Acushnet in 2011 for $1.23 billion to Fila Korea Ltd. and financial investors, primarily Korea-based Mirae Asset Private Equity. Fila Korea now owns 53 percent after Friday's offering. Titleist listed $1.5 billion in sales in its federal filing, making it the largest golf equipment company. "From a running the business point of view, I think the outcome results in greater stability...

Full article: http://www.golf.com/tour-and-news/acushnet-raises-whoppin...

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