for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

KKR-backed Academy Sports and Outdoors files for U.S. IPO

(Reuters) - Academy Sports and Outdoors Inc, owned by U.S. private equity firm KKR & Co KKR.N, on Wednesday filed for an initial public offering in the United States, making it the latest firm to cash in on the stunning recovery in capital markets from the COVID-19 pandemic.

The company intends to list its shares on the Nasdaq under the symbol "ASO". (bit.ly/2RcnjYA)

Academy Sports, which KKR bought in 2011, has 259 stores across the United States that sell sporting equipment including footwear, apparel as well as products like tents, and bicycles.

The company’s net sales rose nearly 1% to $4.8 billion in 2019 from a year earlier.

Academy Sports said on Wednesday it expects to benefit from the shift to recreational activities.

“More recently, as a result of the COVID-19 pandemic, consumers are spending more time at and around home engaging in isolated recreation and leisure activities that we support,” the company said.

The company’s public offering comes at a time of a revival of investor interest in IPOs after the dry spell in recent months.

Credit Suisse, JP Morgan, KKR and BofA Securities are among the underwriters for the offering.

Reporting by Neha Malara in Bengaluru; Editing by Maju Samuel

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up