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Endeavor disclosed Monday that it expects a price between $30 and $32 per share for its initial public offering in the fall.
Endeavor — the parent company of WME, UFC, IMG, Endeavor Content, Professional Bull Riders and other assets — aims to raise as much as $620 million with the sale of 19.4 million shares. Another 2.9 million shares may be offered to the IPO underwriters, which include Goldman Sachs, JP Morgan and Morgan Stanley, the company said in a Securities and Exchange Commission filing.
Company - Market - Cap - Endeavor - Shares
The company’s market cap is expected to be around $8 billion. Endeavor shares are set to trade on the NYSE under the symbol EDR.
The company plans to use $500 million of the IPO proceeds to pay down debt and another $46.8 million for working capital and general corporate purposes. It may also use the proceeds for acquisitions, according to the filing.
Endeavor - Stock - Structure - CEO - Ari
Endeavor will have a complex stock structure, with CEO Ari Emanuel and chairman Patrick Whitesell holding super-voting Class Y shares that will help them keep control of the company. Emanuel and Whitesell will each own 18.7% of the company after the IPO.
Endeavor’s Class Y shares come with 20 votes per share compared to one vote per share for the Class A shares to be offered to the public. Endeavor also has nonvoting Class B shares...
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