iHeartMedia, a restructured radio station operator with the US's largest footprint, withdrew its S-1 application for an initial public offering on Friday. It originally filed in April 2019 with a proposed deal size of $100 million; however, the deal size was likely a placeholder.
Pursuant to its plan of reorganization, iHeartMedia is required to use reasonable best efforts to list its common stock on a major US stock exchange. As disclosed in a March 2019 press release, the company had been exploring an initial public offering and a direct listing, and now appears to have chosen the latter.
The San Antonio, TX-based company was founded in 1972 and booked $3.6 billion in pro forma sales for the 12 months ended March 31, 2019. In its S-1, it disclosed that it planned to list on the Nasdaq under the symbol IHRT. Goldman Sachs and Morgan Stanley were set to be the joint bookrunners on the deal.
The article Radio giant iHeartMedia withdraws IPO application, choosing a direct listing on the Nasdaq originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.