Wanda Sports Group , a sport events owner whose interests include the distributi...
), a sport events owner whose interests include the distribution of media rights in Asia for the FIFA World Cup, said on Friday it priced a smaller-than-expected U.S. initial public offering below its targeted range to raise $190.4 million. The Beijing-based company, a unit of Chinese conglomerate Dalian Wanda Group, sold about 23.8 million American depositary shares at $8 each, compared with a previously stated target of selling 28 million ADS between $9 to $11.
The weak pricing values the owner of Infront Sports & Media AG, a Swiss sports marketing company, and World Triathlon Corp, the organizer and promoter of the Ironman race, at around $1 billion. On Wednesday, Wanda Sports had already cut the size of its IPO to up to $308 million from a previous size of up to $500 million.
The IPO follows a string of assets sales by parent Dalian Wanda, which had built a sprawling business empire ranging from real estate to sport to cinemas. In 2015, the conglomerate acquired Infront Sports & Media and World Triathlon for $1.2 billion and $650 million, respectively.
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