Categories Analysis, Markets, Other Industries

Ironman Triathlon organizer Wanda eyes $500 million US IPO

Dalian Wanda Group, a Chinese multinational conglomerate with businesses ranging from property development to cinemas, has confidentially filed for the IPO of its sports unit, Reuters reported citing unidentified sources.

The company’s sports unit includes World Triathlon Corp, which conducts and promotes the reputed Ironman Triathlon sporting events. The Ironman Triathlon is widely considered one of the toughest single-day sporting events across the globe.

According to the filing made with the Securities and Exchange Commission (SEC), the company plans to raise anywhere between $300 million and $500 million through the public listing, which is expected to happen in the first six months of this year, the source said.

The company is yet to give an official statement on the same.

Dalian Wanda Group is one of China’s largest business establishments and is headed by Wang Jianlin, who constantly features in the country’s list of richest businessmen. The company is headquartered in Beijing.

The source added that Morgan Stanley, Deutsche Group and Citigroup are working on the IPO filing, though none of the banks were available to comment on it.

Chinese companies have been actively taking up US IPOs despite the trade tensions emerging between the two nations. According to data from Refinitiv, Chinese firms raised a total of over $9 billion from US listings last year.

Google drops Chinese search engine plans for now

Last month, the music streaming arm of Tencent Holdings, Tencent Music Entertainment (TME), debuted on the New York Stock Exchange.  The company raised about $1.1 billion in its IPO, making it the fourth largest Chinese IPO in 2018.

 

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

One thought on “Ironman Triathlon organizer Wanda eyes $500 million US IPO

Leave a Reply

Your email address will not be published. Required fields are marked *

Tags

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top