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Titleist parent company plans IPO

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Acushnet, parent company of Titleist and Footjoy, plans to issue an initial public offering (IPO). The company filed the paperwork on Monday with the Securities and Exchange Commission.

The IPO will be listed under the symbol GOLF, but Acushnet has not revealed which exchange it will be listed on.

Acushnet has not revealed the number of shares to be offered or the initial price. According to Forbes, IPO research firm Renaissance Capital estimates the deal could raise $300 million.  According to the registration statement  that Acushnet filed with the SEC, Titleist is the No. 1 golf ball on the pro tours and Footjoy is the No. 1 shoe on the PGA Tour.

Massachusetts-based Acushnet is owned by a group led by Fila Korea Ltd., which owns the Fila sportswear brand. It acquired Acushnet in 2011 from Fortune Brands for $1.2 billion.

Forbes reported that Acushnet’s overall net sales were up 6.4 percent in the three months ended March 31 to $442.8 million.  In 2015, Acushnet’s net sales fell 2 percent, to $1.5 billion, when it posted a $966,000 net loss.