Banking (literally) on the continued success of festivals like TomorrowWorld and Electric Zoo, as well as electronic music in general, SFX Entertainment priced its I.P.O. late Tuesday at $13 a share.
The I.P.O. has already raised $260 million, selling 20 million shares, topping the 16.7 million which they had initially anticipated. Although experts are skeptical as to whether or not the success of the EDM industry is a fad, according to The New York Times, SFX’s business is currently valued at $1.05 billion. The company began trading yesterday under the ticker symbol SFXE, on the Nasdaq stock exchange.
Although the stock saw a decline of 8.54%, settling at $11.89 yesterday, SFX Entertainment’s 65 year-old founder, Robert F.X. Sillerman, remains confident. He was joined in ringing the Nasdaq 4pm closing bell by his SFX executives, and Afrojack.