Titleist golf equipment; $435 million IPO

A new symbol will soon scroll across the New York Stock Exchange ticker: GOLF, representing Fairhaven, Mass.-based Acushnet Holdings Corp., maker of Titleist golf balls and other golf equipment and apparel.

Federal filings indicate the company lost $1 million last year on $1.5 billion in sales of products under several brands it owns, including Titleist and FootJoy Golf Wear.

The offering comes in a year that has seen a substantial reduction in the number of US IPOs: just 85 have priced so far this year, down from 170 last year and 275 in 2014, according to Renaissance Capital.

Smith said investors may be drawn to Acushnet’s IPO by Titleist, one of the most iconic brands within the $8.7 billion golf industry.

On the other hand, she noted, the sport itself is in a decline, and other companies such as Nike and Adidas have pivoted away from the golf equipment business following successive years of declining sales.

Just 24.1 million people in the US played at least one round of golf last year, according to the National Golf Foundation, down from 30 million in 2005.