Wanda Sports Group, the sports events, media, and marketing platform of China's Wanda Group, announced terms for its IPO on Friday.
The Beijing, China-based company plans to raise $450 million by offering 33.3 million ADSs (40% insider) at a price range of $12 to $15. At the midpoint of the proposed range, Wanda Sports Group would command a fully diluted market value of $1.9 billion.
Parent Wanda Group acquired core business units Infront and World Endurance Holdings in 2015 and incorporated Wanda Sports Group in 2018, though the company traces its founding to 1980.
Wanda Sports Group booked $1.3 billion in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol WSG. Morgan Stanley, Deutsche Bank and Citi are the joint bookrunners on the deal. In its latest filing, the company also added CITIC CLSA, Societe Generale, CIBC, Loop Capital Markets, and Tiger Brokers to its co-managers. It is expected to price during the week of July 22, 2019.
