Endeavor Cuts Price Of IPO In Final Day Before Going Public

Patrick Whitesell Ari Emanuel

Endeavor has lowered the price of its initial public offering and decreased the number of shares up for sale as the company prepares to hit the market Friday in a decidedly mixed IPO climate.

Coming to market in a year when Uber, Lyft and other high-profile offerings have fizzled, Endeavor Group Holdings is now offering shares at between $26-$27, down from the prior range of $30-$32. The reduction was spelled out in an amended SEC filing Thursday, but no reasoning was specified.

There have been reports in recent days suggesting demand for the stock has been lower than anticipated. The company, which is in a mandatory quiet period before the offering, did not respond to Deadline’s request for comment.

Endeavor will offer 15 million shares, down from the 19.4 million it had initially forecast. The original plan was to raise as much as $712 million from the IPO, though the lower targets suggest a significant cut of the fundraising target.

Led by CEO Ari Emanuel and executive chairman Patrick Whitesell, Endeavor is pitching itself to Wall Street as far more than a talent management concern. With financial backing from minority investors Silver Lake Partners and Softbank, Endeavor has acquired the UFC, sports and fashion management firm IMG, the Professional Bull Riders and other assets.

More controversially, given that it still operates top-tier talent agency WME, the company has also boosted its production activity through its Endeavor Content arm. The Writers Guild of America and other critics have criticized the push on the content side, arguing the company is negotiating against itself to the disadvantage of clients.

This article was printed from https://deadline.com/2019/09/endeavor-cuts-price-of-ipo-in-final-day-before-going-public-1202745513/