UFC’s parent company Endeavor is lowering the price of the stock that will be up for grabs on Friday with an initial public offering.
In paperwork filed with the Securities and Exchange Commission, Endeavor lowered the starting price of their stock to a range of $26 to $27 per share from its initial price of $30 to $32. The company also opted to issue fewer shares than initially planned, offering 15 million from an initial pledge of 19.4 million.
When Endeavor planned the IPO, the expectation was that the sale of 19.4 million shares would produce upwards of more than $600 million in revenue with plans to use the bulk of those funds to pay down existing debts and use the rest as operating capital.