TORONTO (BRAIN) — Emerald Expositions' stock will begin trading Friday on the NYSE under the symbol EEX as its owner, Onex Corporation, has gotten the go-ahead to take the company public.
Emerald, which owns the Interbike and Outdoor Retailer trade shows among others, is offering 15.5 million shares of its common stock at a public offering price of $17.00 per share. Emerald Expositions is selling 10,333,333 of those shares and Onex Corporation and its affiliates (the "Onex Group") are selling 5,166,667 shares. Underwriters were granted a 30-day option to purchase up to 2,325,000 additional shares of common stock from the Onex Group.
At the offering price, the Onex Group will garner approximately $85 million. The Onex Group continues to hold approximately 56.1 million shares of Emerald Expositions for an economic interest of 78 percent.
Besides Interbike and Outdoor Retailer, Emerald owns Bicycle Retailer, which is operated under license by NBDA Services Inc.
