Endeavor has set a share price of $24, the final step before the media conglomerate goes public on the New York Stock Exchange on Thursday.
The company had previously announced that it would seek to raise about $511 million at a share price of $23-$24. The company will be listed on the exchange under the ticker symbol “EDR.”
Endeavor relies heavily on live entertainment, and the pandemic caused revenue to decline by $1.1 billion in 2020, according to the company’s prospectus. Endeavor reported a net loss of $625.3 million last year, up from a net loss of $530.7 million for 2019.
The prospectus warned potential investors that the COVID-19 pandemic continues to pose a considerable risk to the company.
“As an example, for those live events that resume, attendance may continue at significantly reduced levels throughout 2021, and any resumption may bring increased costs to comply with new health and safety guidelines,” the company advised.
The company also disclosed $5.9 billion in debt, up considerably from the $4.5 billion it was carrying in the summer of 2019.
In a letter, CEO Ari Emanuel told investors that 2020 was “challenging,” but highlighted the company’s efforts to bring back live events and transition other events to virtual formats.
“We made difficult decisions but worked as a team to find creative solutions and best position the business for the future,” Emanuel said in the letter. “The events of 2020 reminded us of the enduring value of premium intellectual property and content, while reinforcing the strength of our position within the sports and entertainment ecosystem.”
Endeavor tried to go public in September 2019, but dropped the attempt at the last minute, citing unfavorable market conditions.
Endeavor is also raising private capital to help buy out its minority partners in the Ultimate Fighting Championship.
(Pictured: Ari Emanuel)