William Morris, UFC and IMG parent Endeavor’s stock rises 12% in NYSE debut

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Shares of entertainment powerhouse Endeavor Group Holdings Inc. EDR, +5.27% rose 12% in their trading debut Thursday, after the company’s initial public offering priced at $24 a share, the high end of its $23 to $24 range. The parent of William Morris, IGM and UFC sold 21.3 million shares to raise about $511 million at a valuation of more than $10 billion. It will raise an additional $1.8 billion from institutional investors to finance a full takeover of UFC. Shares were last up 8%. A previous effort to complete an initial public offering was canceled in October of 2019, following pushback from investors who were put off by its complicated finances at a time when other deals were flopping.

This article was originally published by Marketwatch.com. Read the original article here.

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