Endeavor Group Holdings, a global entertainment production company and talent agency, lowered the proposed deal size for its upcoming IPO on Thursday.
The Beverly Hills, CA-based company now plans to raise $398 million by offering 15 million shares at a price range of $26 to $27. The company had previously filed to offer 19.4 million shares at a range of $30 to $32. At the midpoint of the revised range, Endeavor Group Holdings will raise -34% less in proceeds than previously anticipated and command a market cap of $6.4 billion.
Endeavor Group Holdings was founded in 1995 and booked $4.2 billion in sales for the 12 months ended June 30, 2019. It plans to list on the NYSE under the symbol EDR. Goldman Sachs, KKR, J.P. Morgan, Morgan Stanley, Deutsche Bank, Barclays, Citi, Credit Suisse, RBC Capital Markets, UBS Investment Bank, Evercore ISI, Jefferies and HSBC Corporation are the joint bookrunners on the deal. It is expected to price during the week of September 23, 2019.
