Credit Suisse, JPMorgan and other banks led the IPO of Academy Sports, a retailer of assault-style rifles. Like Academy owner KKR, their part in America’s gun violence problem is relatively small, but it’s one they have taken willingly, says johnsfoley.
Academy Sports and Outdoors, a U.S. retailer of sporting and outdoor goods, began trading on the New York Stock Exchange on Oct. 2 after an initial public offering underwritten by Credit Suisse, JPMorgan, KKR and Bank of America and others. Its shares fell as much as 7% on its opening day and closed just below the $13 offer price.
Academy made “less than 6%” of its revenue in 2019 from selling firearms but says in its IPO filing that it has seen strong growth in that category in 2020. Ranges carried on its website include the Springfield Armory Saint AR-15 and the Smith & Wesson M&P15 Sport II, both semi-automatic rifles. The company’s social responsibility report says it is committed to “the safe, compliant, and responsible sale and transfer of firearms,” including displaying guns securely, tracking inventory and paperwork and complying with background checks.
Academy’s filing refers to nine lawsuits filed on behalf of victims of the November 2017 mass shooting in Sutherland Springs, Texas. Academy had sold a Ruger AR-556 semi-automatic rifle and ammunition the previous year to the perpetrator, in a sale it says complied with all applicable laws.
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