SFX Entertainment Files For $175 Million IPO
June 27, 2013 at 8:23 AM (PT)
ROBERT F.X. SILLERMAN'S SFX ENTERTAINMENT INC has filed with U.S. regulators to raise up to $175 million in an initial public offering. The company has been acquiring promotion rights in the growing electronic dance music business.
REUTERS reports, "the global market directly associated with electronic dance music is projected to be worth about $4.5 billion in 2013, according to the International Music Summit Business Report."
The IPO will be underwritten by UBS INVESTMENT BANK, BARCLAYS and JEFFERIES, and will be reportedly used "to fund acquisitions, working capital and general corporate purposes."
SFX will trade on NASDAQ under the SFXE symbol.