SFX Entertainment’s shares were down 17% on the first day of its IPO yesterday (Wednesday, October 9).
Owned by Robert Sillerman, the EDM promotions company is raising $260m, however, investors sent shares down, ranking it among the worst first-days for a US IPO this year.
The FT suggests that investors may be sceptical "because SFX's vision has yet to materialise in profits".
SFX lost $43.5m in the first six months of the year, widening from a $3m loss a year earlier.
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