Endeavor Looks to Raise $600M-Plus in IPO

Co-CEO of William Morris Endeavor Ari Emanuel -Getty-H 2019
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Endeavor, led by CEO Ari Emanuel, had a heavily leveraged strategy which led to an IPO plan that was scrapped last September. 

The Hollywood agency owner's initial public offering, which would put a value of around $8 billion on it, is now expected this fall.

Endeavor hopes to raise $600 million-plus in its initial public offering, according to a filing with the Securities and Exchange Commission on Monday morning.

The entertainment company, led by CEO Ari Emanuel, estimates that its IPO price-per-share will be between $30 and $32, and expects to offer 19,354,839 shares in the IPO.

Depending on the final price, Endeavor's equity could be valued at a midrange price of around $8 billion.

Endeavor first filed for an IPO in May. While Endeavor had not publicly announced a time frame for the IPO, THR reported last month that the timing had shifted from the summer to the fall. The company has been understood to be looking at finalizing an acquisition of hospitality and live-events company On Location Experiences for as much as $700 million, but so far no deal has been announced. 

Endeavor owns talent agency WME, as well as such businesses as the Ultimate Fighting Championship and Miss Universe. The company reported $551 million in earnings before interest, taxes, depreciation and amortization last year.

For the six months ended June 30, Endeavor posted revenue of $2.1 billion, up from $1.5 billion in the same period of 2018, according to Monday's filing. The company's loss for the six-month period narrowed to $192.6 million from $404.5 million.

Endeavor plans to list its shares on the New York Stock Exchange under the ticket symbol “EDR.”