Looks like they picked the wrong week to go public.
Amid weak investor demand and an increasingly difficult environment for buzzy startups, Endeavor Group is halting its planned IPO, according to reports from the Wall Street Journal and CNBC. The hybrid mega-talent-agency-slash-entertainment-company, led by Hollywood super agent Ari Emanuel, was set to make its public debut on the New York Stock Exchange tomorrow.
The debut was already looking less than rosy: In a filing earlier today, the company said it expected to price its shares between $26 and $27, lower than an estimate from last week in which it said $30 to $32. Now it looks like it’s not happening at all—at least not tomorrow.
We’ve reached out to Endeavor for comment.
The news comes as more and more high-flying startups fall to earth, with investors souring on fuzzy business models and outrageous valuations. WeWork’s parent company recently shelved its planned IPO after wildly overshooting its valuation. Under pressure from the board, CEO Adam Neumann stepped away from the company two days ago. And it’s been a tough environment for tech-related IPOs in general. Just today, interactive fitness company Peloton sputtered on its first day of trading, closing out the day at $25.76, down more than 11%.
Endeavor was supposed to begin trading on the NYSE under the ticker symbol “EDR.”
This story is developing.