Academy Sports Goes Public at $13 per Share
Academy Sports priced its IPO at $13 per share, below the expected range of $15 to $17, and is expected to raise about $203 million, or about $183 million after expenses, excluding any underwriters’ overallotment shares. The lower price implies a valuation of only $1.1 billion, rather than $1.5 billion, for the Kohlberg Kravis Roberts-backed retailer. That represents about 9x last year’s EBIT of $122.9 million, which Academy easily surpassed in the first half ended Aug. 1, 2020 with EBIT of $159.2 million, boosted by strong sales as an essential retailer during the Covid-19 pandemic. Academy begins trading today on ... Log in to view full article.