Report: Acushnet set for IPO next week


Acushnet, the maker of Titleist golf balls, and other golf equipment and apparel, is set to make an initial public offering of its stock next week, according to a Boston Globe report.

The report notes that the stock, which will use the ticker symbol GOLF on the New York Stock Exchange, will estimate the company's value at around $1.7 billion. The company will reportedly sell 19.3 million shares at a price between $21 and $24, a combination that would yield investors approximately $435 million.

Talks of an Acushnet IPO have circled for months, though details about the offering were not yet available. The Massachusetts-based company, which has been owned since 2011 by a group led by Fila Korea Ltd., also manufactures FootJoy golf wear and reportedly employs 5,200 people worldwide.

According to federal filings, Acushnet posted a $966,000 net loss in 2015 while overall sales increased 2 percent to $1.5 billion.