Jan 31 Reuters Amer Sports raised 1.37 billion in a discounted U.S. initial public offering IPO on Wednesday, after investors expressed concerns about its growing reliance on China for its revenue.

It was another blow to the U.S. IPO market seeking to recover after two years of subdued activity. A poor performance from Amer Sports could discourage other IPO hopefuls.

A sizeable but smaller company, BrightSpring Health Services, priced its 633 million offering last week below its indicated range. Shares in BrightSpring, owned by private equity firm KKR, have been trading below their discounted IPO price.

Amer Sports, owner of Arc39;teryx outdoor apparel, Salomon sporting goods and Wilson tennis gear, said it priced its IPO at 13 per share, below its 16 to 18 per share indicated range. The company added that it had sold 5 million more shares than the 100 million shares it had earmarked.

The IPO values Amer Sports at about 6.3 billion. Its shares will debut on the New York Stock Exchange on Thursday.

Amer Sports generated 19.4 of its sales in China in the first nine months of 2023, up from 8.3 in 2022, its IPO prospectus shows. Most of the sales come from the Americas and Europe, and while revenue in these regions has been growing, sales in China were up by 68 in the first nine months of 2023 compared to the corresponding period in 2022.

Sources participating in the IPO said earlier on Wednesday that, despite this growth, some potential investors are concerned about…