On July 26, Wanda Sports Group Company Limited (Nasdaq: WSG) was successfully listed on Nasdaq with listed assets including Infront, IRONMAN and Wanda Sports China business units. Wanda Sports opened at $6, a 25% drop from the issue price of $8, and closed at $5.16, making its market capitalization of $727 million.
Wanda Sports has lowered the issue price a couple of times. Before the actual listing, Wanda Sports had announced that they would issue the stock at between $13-15 for 333 million American Depositary Share (ADS), including 200 million newly issued shares and 133 million shares sold by initial shareholders. On July 24, Wanda Sports lowered shares to be issued to 280 million ADS with the cancellation of sales of the initial shareholders, and the issue price decreased to $9-11. Just hours before the actual listing, the shares to be issued changed to 238 million ADS, and the issue price lowered to $8.
The result of the IPO does not look good for Wanda Sports, with the issue price, issued shares and the money raised ($190 million) all below expectation.
Proofread by Raymond Fitzpatrick