UFC owner Endeavor raises $11.6 million in second IPO attempt
Endeavor Group Holdings, an American talent, and media company that owns the Ultimate Fighting Championship (UFC) have successfully raised $11.6 million on its first day of trading in its second attempt after its first attempt at going public failed in 2019. Aiming for a valuation of more than $16 billion in its second Initial Public Offering (IPO) in the U.S capital market.
As in 2019, its initial IPO was met with poor demand, the company decided to abandon regular shares it had issued to the public that are available for investors to trade, just before its debut. The company along with reaching heights of financial success is also backed by many globally influential and famous celebrities like Dwayne “The Rock” Johnson, Serena Williams, and Maria Sharapova.
The Beverly Hills, California based-company which initially had its plans to offer about 21.3 million shares priced between $23 and $24, opened at $27 on the New York Stock Exchange, 12.5% above the offer price of $24. Acquiring a controlling stake in UFC from casino moguls Frank and Lorenzo Fertitta in 2016, the company’s listing would come in the middle of an aggressive bull run in the equity market.
In an earlier filing, the company had revealed its ambition of acquiring complete ownership on the American mixed martial arts promotion company, by buying the remaining 49.9% stake from the other private equity firm owners and has now raised $511 million with its IPO at the top of the range.
