Endeavor Group Holdings canceled plans for an initial public offering Thursday, the latest sign that the IPO market is slowing down. <\/p>\n
The move came as Peloton Interactive Inc.\u2019s stock
See also: Peloton stock spins in reverse during trading debut<\/a><\/strong> <\/p>\n \u201cThe IPO window is closing on growth-at-all-costs, highly valued private companies that are trying to come to market with excessively valued pricing,\u201d said Kathleen Smith, principal at Renaissance Capital,<\/a> a provider of institutional research and IPO exchange-traded funds. <\/p>\n Endeavor
Don\u2019t miss:<\/strong> Entertainment giant Endeavor is going public: 5 things to know ahead of its IPO<\/a> <\/p>\n Smith said after the offering was reduced that she expected the company to complete the deal, given that it is profitable and has a record of putting together media properties and talent, but conceded investors are sensitive about overpaying in the current market. <\/p>\n \u201cIt\u2019s called price discovery, and it\u2019s a cleansing process that will make for better days ahead,\u201d she said. <\/p>\n China\u2019s Wanda Sports Group Co. Ltd.
\u201cWe know the market has been jittery and IPOs in general are seeing multiple contraction,\u201d she said, citing recent pullbacks in Zoom Video Communications
\u201cEven the IPO ETF has had a pullback related to this,\u201d she said. \u201cAny company looking to go public and their underwriters should be looking at that.\u201d <\/p>\n See:<\/strong> Peloton IPO: 5 things to know about the interactive exercise-machine company<\/a> <\/p>\n \u201cSoftbank\u2019s Vision fund has invested in many highfliers such as Uber, WeWork and Slack,\u201d said Per Roman, co-founder and managing partner of boutique investment bank GP Bullhound.<\/p>\n Don\u2019t miss: <\/strong> WeWork is going public: 5 things to know about the office-sharing company<\/a> <\/p>\n Those companies relied on increasingly extravagant funding rounds that came at higher and higher valuations: \u201cland grabs fueled by venture capital,\u201d he said.<\/p>\n Read also:<\/strong> Uber stock is a buy-one-get-one-free deal, analyst contends<\/a> <\/p>\n Even Oracle <\/a>
The Renaissance IPO ETF
[ad_2] [ad_1] Endeavor Group Holdings canceled plans for an initial public offering Thursday, the latest sign that the IPO market is slowing down. The move came as Peloton Interactive Inc.\u2019s stock
PTON, -11.17%
struggled […]<\/p>\n","protected":false},"author":348,"featured_media":689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=688"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/689"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n struggled in its trading debut, and after We Co.
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\n , the parent of the office-space company WeWork, postponed its IPO<\/a> and forced its chief executive to step down<\/a> amid mounting concern about its huge losses and high leverage.<\/p>\n
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\n , an entertainment powerhouse that owns sports and modeling agency IMG and mixed-martial-arts organization UFC, among other properties, said earlier Thursday that it would trim its offering to 15 million shares priced at $26 to $27 each, down from 19.4 million shares priced at $30 to $32 each that it targeted in a filing on Sept. 16. After markets closed, the company announced that it would delay the IPO<\/a> and \u201ccontinue to evaluate the timing for the proposed offering as market conditions develop.\u201d<\/p>\n
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\n \u00a0, which is viewed as an Endeavor comparable, had a difficult IPO in July, when it priced a downsized deal at $8 a share, about double where it is trading today, Smith said. <\/p>\n
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\n \u00a0and cybersecuritiy company CrowdStrike as examples. CrowdStrike
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\n \u00a0, which went public in June, has a one-month negative return of 30%, she said. <\/p>\n
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\n UBER, -0.35%<\/span><\/a><\/span>
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\n \u00a0and Lyft
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\n \u00a0, the ride-sharing giants that went public this year in deals widely viewed as flops. <\/p>\n
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\n founder and Executive Chairman Larry Ellison<\/a> has criticized the trend, describing Uber and Lyft as \u201calmost worthless\u201d at a September event in San Francisco, as MarketWatch sister publication Barron\u2019s reported. <\/p>\n
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\n IPO, -0.79%<\/span><\/a><\/span>
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\n has fallen about 7% in the last three months but remains higher by 23% on the year, outpacing the S&P 500\u2019s
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\n 18% gain and the Dow Jones Industrial Average\u2019s
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\n 15% rise.<\/p>\n<\/p><\/div>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"