China’s Wanda Sports raises $190.4 million in downsized IPO


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China’s Wanda Sports raises $190.4 million in downsized IPO

Wanda Sports Group, a unit of China’s multinational conglomerate Dailan Wanda or Wanda Group, headquartered in Beijing, had issued a public statement on Friday, the 26th of July saying that the sport event owner of Wanda Group, which has been wrestling to become a distributor of media rights in Asia for FIFA Men’s World Cup, widely dubbed as ‘the greatest show on earth' with an average stadium viewers' figure of roughly 40,000 in every world cup match since 1930 Uruguay world cup alongside billions of television viewers in Asia and millions in other continents, had priced a smaller-than-anticipated IPO (Initial Public Offering) in the United States to raise around $190.4 million, much-lower than its target-range.

Aside from that, sports unit of the Chinese conglomerate seeking for media distribution rights of FIFA Men’s World Cup for Asia had also added that the company had sold about 23.8 million American depository shares (ADS), a US Dollar-traded equity share of a foreign-based company available to purchase in a US stock exchange, at a price of $8 per share while the company had slated a target range between $9 to $11 per share earlier this month.

Besides, the company had also failed to reach an analysts’ estimate to sell around 28 million ADSs, while a flurry of downbeat IPOs of Chinese firms in the US financial markets had been underscoring a tepid investors’ demands for China-based businesses after a terrible twist in May’s Sino-US trade talk, following which both economies had hiked tariffs on each other’s products.