Endeavor Group Holding, the parent company of a top Hollywood talent agency and the Miss Universe Pageant canceled its IPO just a day before it was set to launch
Share to linkedin... [+]: Endeavor Group Holding, the parent company of a top Hollywood talent agency and the Miss Universe Pageant cancelled its initial public offering just a day before it was set to launch, the latest in a series of high-profile IPO busts.in New York.
According to filings, the Beverly Hills, California-based company expected to raise up to $405 million by offering 15 million shares, priced between $26 to $27. That was a sharp discount on the $30 to $32 range Endeavor had originally hoped. Endeavor had tried to save the deal by lowering its indicated price range earlier the same day it ultimately shelved the IPO, but to no avail. The entertainment group was valued at $6.3 billion during its last fund raising round in 2017.: “This is a blow for Ari. It’s definitely damaged his reputation,” investment banker Lloyd Greif told
. “It will be interesting to see what happens next.They are going to have to figure out how to access the capital markets.”in cancelling a highly-anticipated IPO, and comes a day after cult fitness brand Peloton’s shares fell in their first day of trading, 11% below their pricing of $29. Potential investors were reportedly hesitant when it came to placing bets on the company; Endeavor has taken on debt to fund its acquisition of a 50% stake in the UFC, and has found itself in a battle
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