Endeavor Group Holdings, a global entertainment production company and talent agency, announced terms for its IPO on Tuesday.
The Beverly Hills, CA-based company plans to raise $501 million by offering 21.3 million shares at a price range of $23 to $24. The company plans to raise an additional $1.8 billion (76% primary) in a concurrent private placement to a group of investors, including Capital Research, Coatue Management, Dragoneer Investment Group, and Elliott Investment Management. At the midpoint of the proposed range, Endeavor Group Holdings would command a fully diluted market value of $10.3 billion.
Endeavor is a premium intellectual property, content, events, and experiences company. The company operates across three segments: Owned Sports Properties; Events, Experiences & Rights; and Representation. Its portfolio includes UFC, IMG Media, and WME, among others. The company states that the near-term impact of COVID-19 on its business has been significant, but it has since resumed activity in its segments, though it believes the path to full capacity will be gradual.
Endeavor Group Holdings was founded in 1995 and booked $3.5 billion in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol EDR. Morgan Stanley, Goldman Sachs, J.P. Morgan, KKR, Deutsche Bank, Barclays, Citi, Credit Suisse, Evercore ISI, HSBC, Jefferies, Moelis & Company, Piper Sandler, RBC Capital Markets and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of April 26, 2021.
