Even though the IPO market is heating up, CNBC's Jim Cramer said he thinks it's been "hit or miss" so far.
He told investors not to buy Amer Sports, which debuted Thursday at a discount, saying the company has a poor balance sheet.
"And, I've got to tell you, Amer Sports is a great example of the kind of deals I wish we weren't seeing."
Saddled with $2.1 billion in debt, Amer Sports has a balance sheet that is "less than ideal," according to Cramer.
Cramer conceded that Amer Sports has seen decent growth over the last few years, but much of that growth came from sales in China.
Persons:
CNBC's Jim Cramer, it's, I've, Wilson, Arc'Teryx, Cramer, Amer
Organizations:
Amer Sports, Birkenstock, BrightSpring, Amer
Locations:
Amer, China