Amer Sports drops on $750 mln equity raise

Shares of Amer Sports AS.N 4.5% premarket at $36.20 after $750 mln follow-on priced

Finland-based sportswear firm early Tues said it sold ~20.6 mln shares at $36.40

Offering price represents 3.9% discount to stock's last close

Co intends to use net offering proceeds to fund redemption of its 6.75% notes due 2031

BofA and JP Morgan lead bookrunners

Co has ~557.7 mln shares outstanding

Through Mon, stock up 1.4% YTD. Stock hit record intraday high of $42.76 on Feb 20

20 of 21 analysts rate the stock "strong buy" or "buy", 1 rates "hold"; median PT $48, per LSEG data