Wanda Sports Group, the sports events, media, and marketing platform of China's Wanda Group, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Beijing, China-based company now plans to raise $280 million by offering 28 million ADSs (100% primary) at a price range of $9 to $11. The company had previously filed to offer 33.3 million ADSs (40% secondary) at a range of $12 to $15. At the midpoint of the revised range, the deal is 38% smaller than previously anticipated, though because Wanda Sports' primary offering increased by 8 million ADSs, the company expected to raise roughly the same amount as before. At the midpoint, it would now command a market value of $1.5 billion.
Parent Wanda Group acquired core business units Infront and World Endurance Holdings in 2015 and incorporated Wanda Sports Group in 2018, though the company traces its founding to 1980. The company booked $1.3 billion in revenue for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol WSG. Morgan Stanley, Deutsche Bank, Citi, Haitong International, CICC, CITIC CLSA and Societe Generale are the joint bookrunners on the deal. It is expected to price during the week of July 22, 2019.
