Lincoln Zhang, Chairman of Wanda Sports Group, the sport-related business unit of Chinese conglomerate Wanda Group, stands with executives, employees and athletes during the opening bell ceremony of the company’s IPO trading under the symbol (WSG) at the Nasdaq Market site in New York, U.S., July 26, 2019. REUTERS/Shannon Stapleton
(Reuters) – Wanda Sports Group (WSG.O), a sport events owner whose interests include selling sponsorship rights to the FIFA World Cup, on Friday priced its downsized U.S. initial public offering (IPO) below its targeted range to raise $190.4 million.
The Beijing-based company, a unit of Chinese conglomerate Dalian Wanda Group, has sold about 23.8 million American depositary shares (ADS) at $8 each, compared with a previously stated target of $9 to $11, the company said in a filing bit.ly/2OkjdyK with the U.S. SEC.
The company had earlier cut the number of ADSs on sale to 28 million from 33.33 million.
Reporting by Joshua Franklin in New York; Additional reporting by Bharath Manjesh; Editing by Shinjini Ganguli