New Era Cap, a prominent manufacturer of caps for major US sports leagues, is taking steps towards an initial public offering and has chosen JP Morgan to spearhead the operation.
Sources familiar with the matter revealed that the company, which is supported by the National Football League, Major League Baseball, and the National Basketball Association, has selected JP Morgan Chase & Co. as the lead underwriter for its potential listing.
The IPO is anticipated to occur in 2024, but the exact timing is yet to be finalized.
New Era and JPMorgan declined to provide any comments on the matter.
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However, it was reported last month that the cap maker had begun discussions with investment banks regarding a possible stock market debut in 2024, with a potential valuation of up to $5 billion.
Several consumer and retail-focused companies are also considering listings, following in the footsteps of Birkenstock Holding, the German footwear manufacturer.
Birkenstock recently set a price range and commenced its investor roadshow for its prospective offering, which could raise up to $1.6 billion.
Vuori Inc., an activewear maker backed by SoftBank Group Corp., and Amer Sports, a manufacturer of Wilson tennis rackets, are among the companies reportedly exploring potential listings in the coming year.
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The IPO pipeline is gradually being populated by planned listings from consumer and retail-oriented companies.
New Era Cap’s choice of JP Morgan as its lead underwriter marks a significant development in its IPO preparations, positioning the company for a potential public listing and allowing it to tap into the capital markets to fund its future growth initiatives.
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