Acushnet, the parent of Titleist, raised $329 million in its initial public offering. The shares were priced Friday at $17, well below the projected pricing range between $21 to $24 per share.
All 19.3 million shares in the offering were sold by existing stockholders of Acushnet. The underwriters in the offering have a 30-day over-allotment option to purchase up to an additional 2.9 million shares of common stock from the selling stockholders.
The company, which also owns FootJoy, Vokey Design, and Pinnacle, began trading Friday morning on the New York Stock Exchange under the symbol, GOLF. Its share price ended the day slightly up at $17.80.
Fortune Brands sold Acushnet in 2011 for $1.23 billion to Fila Korea Ltd. and financial investors, primarily Korea-based Mirae Asset Private Equity. Fila Korea now owns 53 percent after Friday’s offering.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as lead book-running managers and as representatives of the underwriters for the initial public offering.