Emerald Expositions Events Inc., the parent of Outdoor Retailer, Surf Expo and Interbike, announced the pricing of its initial public offering of 15.5 million shares at a price to the public of $17.00 per share.
Shares were priced just below its projected range between $18 to $20. On Monday, shares closed at $19.60, up 10 cents a share.
Of those shares, the company is selling 10.3 million shares and certain stockholders of the company affiliated with Onex Corporation are selling 5.2 million shares. The selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 2.33 million shares. The company will not receive proceeds from the sale of shares by the selling stockholders, including from any exercise by the underwriters of their option to purchase additional shares.
The company’s stock began trading on the New York Stock Exchange under the symbol “EEX” on April 28, 2017. The offering is expected to close on May 3, 2017, subject to customary closing conditions.
BofA Merrill Lynch, Barclays and Goldman, Sachs & Co. are acting as joint book-running managers of the offering and representatives of the underwriters; Citigroup, Credit Suisse, Deutsche Bank Securities, and RBC Capital Markets are also acting as joint book-running managers; and Baird is acting as co-manager.
Emerald Expositions is the largest operator of business-to-business (B2B) trade shows in the United States by net square footage (NSF), with its oldest trade shows dating back over 110 years. Emerald Expositions currently operates more than 50 trade shows, including 31 of the top 250 trade shows in the country as ranked by TSNN, as well as numerous other events. In 2016, Emerald Expositions’ events connected over 500,000 global attendees and exhibitors and occupied over 6.5 million NSF of exhibition space.
Photo courtesy Emerald Expositions
