iHeartMedia, a restructured radio station operator with the US's largest footprint, completed its direct listing on the Nasdaq on Thursday. iHeartMedia now trades under the symbol IHRT; it had previously been listed on the OTC Pink under the symbol IHTM. iHeartMedia originally filed for a US IPO in April, but withdrew the S-1 in June, opting to directly list on the Nasdaq, pursuant to its plan of reorganization.
iHeartMedia's last close on the OTC Pink was $17.00; based on that price, the company's market cap at the time of its Nasdaq listing was roughly $1.1 billion. The stock opened on Thursday at $16.45.
Pro forma the restructuring, iHeartMedia recorded 2018 revenue of $3.6 billion, adjusted EBITDA of $976 million, and a consolidated net loss of -$38 million. Post-restructuring, it had about $5.9 billion in debt, or 6.0x 2018 PF adj. EBITDA.
