Endeavor Group Holdings Inc., the company behind the Miss Universe Pageant, formally withdrew plans for an initial public offering
Endeavor Group Holdings (EDR.N), the U.S. entertainment and talent agency company backed by Hollywood powerbroker Ari Emanuel, said on Thursday it had abandoned its initial public offering (IPO) following weak stock market investor demand.
It was the latest black eye for the U.S. IPO market, coming on the heels of struggles for several high-profile offerings such as SmileDirectClub SDC.O and WeWork owner We Company.
While the stock market is hovering near all-time highs, investors are worried that the poor stock trading performance of companies such as ride-hailing leader Uber Technologies Inc (UBER.N) following its IPO could indicate that pumped-up valuations in such listings have reached their peak.
Endeavor pulled its $400 million IPO late on Thursday, hours before it was scheduled to price and one day before it was due to list on the New York Stock Exchange. It had lowered its indicated price range earlier in the day in a futile bid to salvage it.
As of late Wednesday, Endeavor had been in talks with investors to price its IPO just below its original $30 to $32 target range, according a person familiar with the matter.
Source : https://www.reuters.com/article/us-ende ... SKBN1WB2HD