The Puma Football Factory is set to go public.
The sports shoe company announced Wednesday that it has raised $20 million to go into a $1.2 billion IPO that will allow the firm to get back on track.
The deal is the culmination of a three-year, $2 billion plan to raise capital, according to a press release from the company.
Puma will be privately held, with a valuation of $3 billion.
The company says it will use the cash to accelerate the growth of its global brands, including soccer and tennis.
The news comes as Puma grapples with the fallout from a number of scandals, including a sex scandal involving soccer player Juan Pablo Angel, which has resulted in the dismissal of several top executives.