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Aidan

Wanda/Ironman file for IPO

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23 minutes ago, Aidan said:

So basically Wanda is selling it and they’ve had no private bids they’ll accept so are offloading it into the public space. If we want we can now at least buy into it if we think it is priced right and will continue to grow. Looks like a number of other fitness based companies will also end up in the public space as well. 

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That would require them to show their financials wouldn't it?

 

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42 minutes ago, trilobite said:

Hopefully the capital they raise will facilitate an IT upgrade that means they can transfer entries?

The capital raised goes back to the old owners and not the new ones. If there’s a spending commitment to IT upgrades it would be spelt out in the IPO (haven’t looked to see what their cash flow and capex projections are). 

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22 minutes ago, Stem said:

That would require them to show their financials wouldn't it?

 

Financial projections (so forward looking estimates) are what sells the IPO so will be included. It isn’t necessarily a view of how they have performed to date

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14 minutes ago, truck said:

Financial projections (so forward looking estimates) are what sells the IPO so will be included. It isn’t necessarily a view of how they have performed to date

Is it based on previous performance or can they just make anything it up? 

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39 minutes ago, Stem said:

Is it based on previous performance or can they just make anything it up? 

Companies have to demonstrate sufficient earnings capacity to list, or at least demonstrate they have sufficient capital and what they plan to spend the dough on. Also need to state when they plan to be profitable (if not already).

With an IPO this size there would be extensive modelling done with external verification, otherwise the big firms like Morgan Stanley, DB and Citi wouldn’t touch it.

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13 minutes ago, Surfer said:

Any thoughts on why Wanda would sell?

The $500m they get back can be used however they want. It could be used to pay down debt (previous reports indicated their debt level across the group was very high) or they could invest it in a new opportunity which gives a higher return than they see coming in from IM. 

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3 hours ago, Stem said:

Is it based on previous performance or can they just make anything it up? 

Despite the modeling there will be sufficient ‘buyer beware’ statements to ensure that the risk is passed to the purchaser of shares. However, they can’t just make it up and/or fail to include facts now which they are aware of which would have a negative outcome. 

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1 hour ago, Surfer said:

Any thoughts on why Wanda would sell?

 

1 hour ago, truck said:

The $500m they get back can be used however they want. It could be used to pay down debt (previous reports indicated their debt level across the group was very high) or they could invest it in a new opportunity which gives a higher return than they see coming in from IM. 

They paid 650 million. 

I wouldn’t touch this with a 50 foot pole.  

Therefore it should sky rocket going on my previous investments. 

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So who's buying? :)

Any other examples of listed sports events companies (or however they might be characterised)?  French company which runs Tour of France and many other events is private - not that Ironman is anywhere near that.

 

 

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I'm applying the Rene Rivkin theory to this one. No.

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so Wanda bought the sports biz for 650 but are looking to raise 500 in the IPO - what percentage of the biz are they trying to offload?

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2 hours ago, longshot said:

So who's buying? :)

Any other examples of listed sports events companies (or however they might be characterised)?  French company which runs Tour of France and many other events is private - not that Ironman is anywhere near that.

 

 

Active.com were publicly listed from 2011-13

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