Academy Sports shares fall after trading debut

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Academy Sports & Outdoors Inc. shares sank 3.5% after trading began at 11:39 am ET. The sporting goods and recreation retailer priced at $13 on Thursday, below the initial public offering range between $15 and $17. The company raised $203 million by offering 15.6 million shares, 19% less in proceeds than had been anticipated, according to Renaissance IPO ETF . Academy Sports is listed on the Nasdaq with the ticker “ASO,” with underwriters including Credit Suisse, JPMorgan, and B. of A. Securities. The Texas-based company had net sales of $4.8 billion in 2019, according to its prospectus, and has a regional focus in the southern U.S. The company was originally founded in 1938 and currently has 239 locations across 16 states along with e-commerce capabilities. The company stayed open during COVID-19 lockdowns due to its essential product offerings. Among its merchandise are hunting and fishing gear, bicycles, tents and fitness equipment and apparel.
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