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Academy Sports & Outdoors Inc.
ASO,
shares sank 3.5% after trading began at 11:39 am ET. The sporting goods and recreation retailer priced at $13 on Thursday, below the initial public offering range between $15 and $17. The company raised $203 million by offering 15.6 million shares, 19% less in proceeds than had been anticipated, according to Renaissance IPO ETF
IPO,
Academy Sports is listed on the Nasdaq with the ticker “ASO,” with underwriters including Credit Suisse, JPMorgan, and B. of A. Securities. The Texas-based company had net sales of $4.8 billion in 2019, according to its prospectus, and has a regional focus in the southern U.S. The company was originally founded in 1938 and currently has 239 locations across 16 states along with e-commerce capabilities. The company stayed open during COVID-19 lockdowns due to its essential product offerings. Among its merchandise are hunting and fishing gear, bicycles, tents and fitness equipment and apparel.
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