Wanda Sports is planning a $500 mln U.S. listing. China's legions of fans and the prospect of the 2022 Olympics in Beijing will be a draw. But the business has a heavy debt load. That may hold it back while less burdened rivals sprint ahead. AlecMac11
Wanda Sports, the global sports events, media and marketing company controlled by Chinese conglomerate Dalian Wanda, on June 7 filed for a $500 million Nasdaq initial public offering.
The company reported revenue of 245.6 million euros for the three months ended March 31, up 4.9% from the same period last year. It posted an 8.6 million euro loss during the period, compared to a 3.8 million euro profit during the first three months of 2018. Proceeds from the offering will be used to pay down debt, fund strategic investments and for general corporate purposes.
Wanda Sports owns Infront, a Swiss media and production outfit, and runs triathlon, mountain biking and running events around the world, which include the iconic ‘Ironman’ endurance competition. It also co-owns the China Cup International Football Tournament, an annual event in which China’s national team plays against rivals from Europe and South America.
Morgan Stanley, Deutsche Bank, Citigroup, Haitong International, China International Capital Corp. and Citic CLSA are underwriting the offering.
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