Electronic music promoter SFX files for $175-million IPO
SFX Entertainment Inc., the electronic dance music promoter founded by Robert F.X. Sillerman, on Tuesday filed for an initial public offering to raise up to $175 million.
The New York company represents festivals and events including Tomorrowland, Sensation and Mysteryland.
In another sign of the growing business of electronic dance music, or EDM, the company plans to use the money raised in the IPO for acquiring companies and expanding its festival offerings, according to its filing with the Securities and Exchange Commission.
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The global EDM market is projected to reach about $4.5 billion in 2013, said SFX, citing the International Music Summit Business Report.
The company said it took a single second to sell all 180,000 tickets to its 2013 Tomorrowland festival in Belgium. Its Sensation event in Toronto in May attracted some 25,000 attendees.
The company generated revenue of $24.8 million in 2012 and a net loss of $16 million.
Sillerman, SFX’s chief executive and chairman, was responsible for the combining of the businesses that became Live Nation.
UBS Investment Bank, Barclays and Jefferies are underwriting the IPO. The company plans to trade on the Nasdaq under the symbol “SFXE.”
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