Talent-representation company Endeavor is pulling its IPO. It was expected to begin trading Friday.
*Endeavor Was Expected to Begin Trading FridayShares of Peloton Interactive Inc. PTON -11.17% dropped on their first day of trading and Endeavor Group Holdings Inc. scaled back its planned initial public offering, dealing a blow to the market for IPOs.
Shares of Peloton, known for its exercise bikes where users can watch workout videos from home, started trading Thursday at $27 a share, nearly 7% lower than the $29 price set in the company’s IPO. The Nasdaq-listed stock closed down 11.2% Thursday to $25.76 a share.Peloton is one of a handful of notable IPOs this year to fall on its first day of trading. Shares of Uber Technologies Inc. UBER -0.35% slumped 7.6% when they made their debut in May, and shares of SmileDirectClub Inc. SDC -10.
Meanwhile, talent-representation company Endeavor lowered its expected range to between $26 a share and $27 a share and reduced the number of shares it is selling to 15 million. That is below the 19.4 million shares it had planned to sell for between $30 and $32 a share. Endeavor, which postponed its IPO plans earlier this year before picking them back up recently, is expected to start trading Friday on the New York Stock Exchange.Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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