Acushnet, who owns golf gear and equipment manufacturers Titlelist and Foot Joy announced preliminary range of $21-$24 per share. Last night they announced their share price of $17. I preface this that I am not and never was an investment banker so that's why I am asking you monkey's to confirm this, but a 30% discount to the max of the price range seems pretty bad to me and 20% under the expected range. Either someone screwed up, the IPO was not as popular as they anticipated announcing that range, or something else. I am asking those who are more familiar with these deals to enlighten me because this seems pretty bad.
Thanks!
Golf industry is getting hit hard right now. I would not buy it when places like Golfsmith have gone bankrupt, nike has stopped making clubs, taylormade & callaway struggling, etc.
Not to mention proceeds going to early investors, not the company.
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