William Morris parent Endeavor Group Holdings scales back planned IPO and slashes price range

William Morris parent Endeavor Group Holdings reduced the size of its planned initial public offering on Thursday and slashed its price range. In a regulatory filing, the entertainment giant, which also owns mixed-martial-arts organization UFC, said it now plans to offer 15 million shares priced at $26 to $27 each. That is down from the 19.4 million shares priced at $30 to $32 each it had announced as recently as Sept. 16. The company would raise $480 million at the top of the new range. In its original IPO prospectus, the company had a placeholder sum of $1 billion and was expected to raise more than that. The company has applied to list on the NYSE under the ticker symbol "EDR." The lead underwriters are Goldman Sachs, KKR, J.P. Morgan, Morgan Stanley and Deutsche Bank Securities. The filing came as Peloton Interactive's stock had started trading for the first time and was 7% below its issue price.

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