Endeavor cancels Frieze parent company IPO amid investor disinterest

Endeavor, the parent company of Frieze art fair and media group, has withdrawn its planned stock market launch. The company, which also owns the Ultimate Fighting Championship, New York Fashion Week, and Miss Universe, had aimed to raise over $600 million through an initial public offering. As the IPO approached, share price targets dropped from $30–$32 to $25–$26, with the Financial Times reporting the deal was off due to limited investor interest. The New York Post noted bids as low as $20. Endeavor, led by Ari Emanuel, acquired a 70% stake in Frieze in 2016, with founders Matthew Slotover and Amanda Sharp holding options to sell their remaining stake by fiscal year-end 2020. In March, Endeavor canceled a $400 million investment from Saudi Arabia's government fund following the murder of journalist Jamal Khashoggi. Frieze London, the largest of its three fairs, opens next week. The announcement was made on September 27, 2019.