Sporting equipment and apparel company Amer Sports filed for an initial p🗹ublic offering Thursday, adding to hopes that interest rate cuts investors expect in 2024 will reinvigorate the IPO market.

Amer Sports, which was founded in Finland in 1950, owns a portfolio of brands including Arc’teryx, Salomon, and Wilson. The company was listed on the Nasdaq Helsinki in 1977 before it was taken private in 2019 by a consortium led by ANTA Sports, China’s largest sporting goods company. Co-owners include Anamered Investments, the investment company of Lululemon founder Chip Wilson, FountainVest Partners, and Tencent.

Amer has grown at a compound annual rate of 20% since being taken private and sold more than $3.5 billion in merchandise in 2022, ac꧑cording to a Securities and Exchange Commission filing. 

This latest filing has given hope to investors looking for an improvement in the IPO market this year.

IPOs ground to a halt in 2022 when 149 debuts raised about $21 billion—a sliver of the $282 billion raised in 908 IPOs the prior year. Things weren’t much better in 2023 when, according to Renaissance Capital, 108 IPOs raised $19.4 billion.

But the outlook began to improve at the end of the year when chip designer Arm (ARM) raised nearly $5 billion in the 澳洲幸运5开奖号码历史查询:largest U.S. IPO since 2021. Arm’s September debut opened the door for grocery delivery firm 澳洲幸运5开奖号码历史查询:Instacart (CART) and sandal maker 澳洲幸运5开奖号码历史查询:Birkenstock (BIRK).