Amer Sports, the maker of Wilson tennis rackets and Salomon ski boots, has filed confidentially for a US initial public offering that could value the group at as much as $10 billion, people familiar with the matter said.

The company plans to list by early next year, the people said, asking not to be identified discussing information that’s private.

Amer Sports is targeting an IPO of more than $1 billion and could end up seeking as much as $3 billion depending on market conditions, some of the people said. The company, which is backed by China’s largest athletic-apparel producer Anta Sports Products Ltd., also owns brands including Louisville Slugger baseball bats, Arc’teryx outdoor gear and Atomic winter equipment.

Bloomberg News first reported in December that Anta and its co-investors, including private equity firm FountainVest Partners, were considering an IPO of Amer Sports. Deliberations are ongoing and details of the proposed IPO could still change, the people said.

Representatives for Anta and Amer Sports declined to comment.

A consortium led by Anta acquired Amer Sports for about $5.2 billion in 2019 as part of an effort to bring high-end athletic equipment to China’s increasingly wealthy middle class. The buyer group also included Tencent Holdings Ltd. and Chip Wilson, the billionaire founder of yoga-apparel retailer Lululemon Athletica Inc.

In 2020, Anta sold Amer’s fitness-equipment company Precor to Peloton Interactive Inc. for $420 million. Revenue at Amer Sports jumped 22% last year to 24 billion yuan ($3.3 billion), according to Anta’s latest annual report.