In a surprising move, Endeavor pulled its IPO just before it was set to price, signaling a softer market for other initial offerings.
Endeavor pulled its high profile IPO and said it would evaluate market conditions, after the rocky debut of Peloton earlier in the day.Of 120 companies that have gone public this year, 57 are trading below their offer price, according to Renaissance and CNBC data.
Endeavor had already lowered the range for the offering to between $26 and $27 a share and cut the number of shares to 15 million. It had planned an offer of 19.4 million shares at between $30 and $32 per share. Earlier, Peloton, maker of high-end exercise bikes, had a weak first day on Wall Street, with the much anticipated IPO opening at $27 a shares, about 7% below its $29 offer price. Peloton ended the day down 11.2% at $25.76.
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