EDM Promoter SFX To File $175 Million IPO
Electronic music promoter SFX Entertainment has filed with the Securities and Exchange Commission seeking to raise up to $175 million in an initial public offering. The New York company, founded in 2011 by Robert F.X. Sillerman, who also spearheaded the consolidation of independent concert promoters that became Live Nation, produces electronic music events and recently purchased EDM portal Beatport.
SFX said that it intends to use the capital raised by the IPO to continue its acquisitions of EDM related companies and properties. Recent acquisitions include electronic music promoter IDT.
Last year, SFX chalked up more than $35 million in sales from events such as the Tomorrowland music festival in Belgium. Tomorrowland, one of the largest electronic dance music (EDM) festivals in the world, sold all 180,000 tickets to the 2013 edition of the event in about a second.
SFX said that it intends to use the capital raised by the IPO to continue its acquisitions of EDM related companies and properties. Recent acquisitions include the dance music website Beatport as well as electronic music promoter IDT.
The IPO is being underwritten by UBS Investment Bank, Barclays, and Jefferies, however, no pricing has been announced and the number of shares being offered in the IPO was not disclosed. The company will trade under the symbol SFXE. – via CelebrityAccess