Academy Sports and Outdoors sets IPO terms

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Academy Sports and Outdoors sets IPO terms

By Marianne Wilson - 09/24/2020

Academy Sports and Outdoors is looking to raise $250 million for its initial public offering. 

The sports apparel and gear retailer is hoping to sell 15.625 million shares between $15 and $17 a share. At the midpoint of the proposed range, Academy would command a market value of $1.5 billion.  The company has applied to list its common stock on the NASDAQ Global Select Market under the ticker symbol "ASO."

Academy’s sales have risen during the pandemic as more consumers take up outdoor sporting activities. For the six months ended Aug. 1, the company had net income of $157.7 million on revenue of $2.74 billion, compared to net income of $73.8 million on revenue of $2.31 billion in the same period a year ago.

Founded in 1938 as a family business in Texas, Academy was acquired by private equity firm Kohlberg Kravis Roberts & Co. in 2011. Under KKR’s ownership, Academy’s store portfolio has nearly doubled to 259 stores in 16 contiguous states, primarily in the southern U.S. After the completion of the offering, KKR will own 61.6 million shares, or approximately 70% of the voting power, of Academy’s common stock.

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