Wanda Sports Warms Up For Its Debut On Wall Street To Get Up To $308mn – Market News Updates
Market News Updates

Wanda Sports Warms Up For Its Debut On Wall Street To Get Up To $308mn

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Wanda Sports, which is a Chinese company that’s behind Ironman triathlon, is preparing for a big debut on Wall Street. A subsidiary belonging the Wang Jianlin owned DWG, it will begin trading on NASDAQ exchange this Friday. This firm also owns WTC, the Ironman organizer and IS&M, the Switzerland-based sports marketing company.

The company actually intended to bring in around $500 million or more from its IPO on the stock exchange. However, expectations have been lowered since then. In its current filings with SEC, it has stated that 28M shares will be issued for around $9 – $11 per share. It is estimated to bring in around $308 million during its IPO, based on these prices.

These funds will be used for paying down the company’s fund and debt strategic investments and several other initiatives as well, as per the details issued in its prospectus.

DWG acquired IS&M for around $1.2 billion in 2015. It later went on to purchase WTC for around $650M during the very same year down the road. 2015 saw Wanda Sports being established officially.

DWG was famous for being among China’s most competitive overseas investors, investing a lot of money into various real estate schemes located in several cities like Istanbul, Chicago, and Los Angeles. It has also poured money into Athletico Madrid, the Spain-based soccer club. The film studio responsible for Jurassic World was also among its investments. However, all these assets are now being offloaded for repaying debt ever since China began its crackdown on various overseas investments that were made by China-based companies around 2 years prior to this. Wang had stated earlier this year about Wanda Sports’ goal to yield results and conduct several capital market-related operations. However, Wanda refused to give a response to the current news reports.

As per Bloomberg, Wang happens to be among the wealthiest men in China. However, his wealth has taken a severe beating in the recent years, falling from over $32 billion during 2017 to around $16.5 billion this year.

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