UFC owner Endeavor hits $11.6bn valuation on stock market debut
Talent agency group and UFC owner Endeavor has secured a valuation of $11.6bn (£8.3bn) after taking its second shot at floating on the stock market today.
The company, which was founded by Hollywood mogul Ari Emanuel, opened at $27 on the New York Stock Exchange, 12.5 per cent its offer price of $24.
Emanuel founded Endeavor as a talent agency in 1995 and has since grown the group through the acquisitions of rival William Morris Agency and sports agency IMG.
It has also snapped up the Ultimate Fighting Championship (UFC) and Miss Universe beauty pageant.
Earlier this year Endeavor said it planned to buy the remaining 49.9 per cent stake in UFC from private equity firms KKR and Silver Lake.
The group was previously due to list in 2019 but abandoned the plans just a day before it was due to float due to disappointing investor demand.
Endeavor, which recently added Tesla billionaire Elon Musk to its board, has a star-studded roster of clients including Dwayne ‘The Rock’ Johnson, Mark Wahlberg, Serena Williams and Maria Sharapova.
It has also financed films including La La Land and Just Mercy.
The group’s business has been badly hit by the pandemic after live events were cancelled and film production was brought to a halt.
But its UFC business has proven more resilient thanks to a lucrative licensing deal with Disney.
The company raised $511m yesterday after its initial public offering was priced at the top end of its range.
Morgan Stanley, Goldman Sachs, JP Morgan and Deutsche Bank acted as lead underwriters on the float.