Endeavor Group Holdings Inc., the leisure and Hollywood expertise firm, filed for an preliminary public providing after shelving an earlier effort in 2019.
The corporate in a submitting Wednesday listed the scale of the providing as $100 million, a placeholder that can change when it units phrases for the share sale.
One distinction between Endeavor’s IPO plans this time is that Tesla Inc. Chief Govt Officer Elon Musk is listed as a nominee for its board of administrators.
Endeavor, which owns the UFC sports activities league in addition to occasions and expertise companies, has signed agreements with buyers together with Coatue Management, Dragoneer Investment and Elliott Investment Management for a non-public placement that might elevate $1.77 billion. Shares within the placement are being supplied at $24 every, based on the submitting.
These buyers may additionally take part in a separate personal placement through which they purchase shares immediately from current buyers at $24 apiece, Endeavor mentioned.
Proceeds from the IPO and the personal placement will likely be used to purchase extra pursuits within the UFC, based on the submitting.
|Personal placement buyers|
The corporate, primarily based in Beverly Hills, California, reported income of $3.48 billion for 2020, down from $4.57 billion the earlier yr.
In September 2019, Endeavor lowered its IPO goal to $405 million from $619 million and later shelved the transaction, citing unfavorable market circumstances. Peloton Interactive Inc. which went public the identical week as Endeavor’s tried debut, slumped virtually 10% upon itemizing. The house health firm has since bounced again and its shares are up greater than 300% previously yr.
Endeavor’s providing is being led by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co., KKR & Co. and Deutsche Bank AG. Endeavor plans to listing its shares on the New York Inventory Alternate below the image EDR.
— With help by Christopher Palmeri, and Rob Golum