Endeavor [NYSE: EDR] IPOs
Members of Endeavor’s senior leadership team, including Ari Emanuel, Patrick Whitesell, and Dana White were on hand to ring the opening bell at the New York Stock Exchange on Thursday as music and entertainment powerhouse Endeavor Holdings launched its long-awaited IPO.
Endeavor, now trading under the symbol EDR, is the parent company of music and talent agencies WME and IMG as well as sports brands including martial arts league UFC, and the Professional Bull Riders Association.
The global music, entertainment, sports, and content company offered 21,300,000 shares of its Class A common stock, plus up to an additional 3,195,000 shares of Class A common stock that the underwriters have a 30-day option to purchase in the IPO.
First Day Trading
Endeavor Holdings closed its first day of trading at 25.20, up by 5% from its initial price of $24.
Endeavor’s successful IPO pricing came against the backdrop of a dire year for talent agencies in 2020 which resulted in the significant loss of revenue as the company found itself between the hammer and anvil of the shutdown of both the live entertainment industry as well as the lion’s share of film and television production.
Endeavor originally planned to launch their IPO in September 2019 but backed away from the plan at the last-minute citing market volatility.
Morgan Stanley, Goldman Sachs & Co. LLC, J.P. Morgan and Deutsche Bank Securities are acting as joint lead bookrunners, Barclays, Citigroup, Credit Suisse, Evercore ISI, HSBC, Jefferies LLC, Moelis & Company LLC, Piper Sandler & Co., RBC Capital Markets and UBS Investment Bank are acting as joint bookrunners and CODE Advisors, DBO Partners, LionTree, Academy Securities, R. Seelaus & Co., LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank are acting as co-managers for the proposed offering.
