SFX unveils estimated IPO terms, plans initial offering of 16.7 million shares
After filing for an estimated IPO of up to $175 million dollars back in June, SFX has estimated an initial offering of 16.7 million shares as the company raises money for corporate expenses and upcoming acquisitions. The shares are expected to price between $11 and $13 according to a recent filing by the SEC. The proceeds of SFX’s IPO will go directly to funding the cash portion of several planned, but uncompleted acquisitions of a handful of dance music’s biggest brand names. Brands that are currently under the SFX umbrella include: ID&T the owner of Tomorrowland and Sensation; Made Event, the creator of Electric Zoo; i-Motion, owner of Germany’s Nature One event; and Totem One Love Group, owner of Stereosonic. SFX has reported a combined $242 million revenue last year with an estimated net loss of $47.9 million in prospectus.
The company will list on NASDAQ under the symbol SFXE.